496B.7 Stock — limitations.
Capital stock shall be issued only on receipt by each development corporation of cash in such amount not less than the par value thereof as may be determined by the board of directors. No shareholder of any development corporation shall be entitled as of right to purchase or subscribe for any unissued or treasury shares of the corporation, and no such shareholder shall be entitled as of right to purchase or subscribe for any bonds, notes, certificates of indebtedness, debentures, or other obligations convertible into shares of the development corporation.
[C66, 71, 73, 75, 77, 79, 81, §496B.7]
Structure Iowa Code
Chapter 496B - ECONOMIC DEVELOPMENT CORPORATIONS
Section 496B.1 - Title of Act.
Section 496B.3 - Authorized corporations.
Section 496B.7 - Stock — limitations.
Section 496B.8 - Stockholders’ privileges.
Section 496B.9 - Loan procedures.
Section 496B.10 - Duration of membership.
Section 496B.11 - Powers of shareholders.
Section 496B.12 - Articles amended.
Section 496B.13 - Board of directors.
Section 496B.14 - Earned surplus set aside.
Section 496B.15 - Deposit of funds.
Section 496B.16 - Reports to department of economic development.
Section 496B.17 - Certificate to do business.