504.826 Committees of the board.
1. Unless prohibited or limited by the articles or bylaws of a corporation, the board of directors may create one or more committees of the board and appoint members of the board to serve on them. Each committee shall have two or more directors, who serve at the pleasure of the board.
2. The creation of a committee and appointment of members to it must be approved by the greater of either of the following:
a. A majority of all the directors in office when the action is taken.
b. The number of directors required by the articles or bylaws to take action under section 504.825.
3. Sections 504.821 through 504.825, which govern meetings, action without meetings, notice and waiver of notice, and quorum and voting requirements of the board, apply to committees of the board and their members as well.
4. To the extent specified by the board of directors or in the articles or bylaws, each committee of the board may exercise the board’s authority under section 504.801.
5. A committee of the board shall not, however, do any of the following:
a. Authorize distributions.
b. Approve or recommend to members dissolution, merger, or the sale, pledge, or transfer of all or substantially all of the corporation’s assets.
c. Elect, appoint, or remove directors or fill vacancies on the board or on any of its committees.
d. Adopt, amend, or repeal the articles or bylaws.
6. The creation of, delegation of authority to, or action by a committee does not alone constitute compliance by a director with the standards of conduct described in section 504.831.
7. A corporation may create or authorize the creation of one or more advisory committees whose members are not required to be directors. An advisory committee is not a committee of the board of directors and shall not exercise any powers of the board.
2004 Acts, ch 1049, §89, 192; 2012 Acts, ch 1049, §10
Referred to in §504.1601
Structure Iowa Code
Chapter 504 - REVISED IOWA NONPROFIT CORPORATION ACT
Section 504.101 - Short title.
Section 504.102 - Reservation of power to amend or repeal.
Section 504.103 - Limitation on requirements imposed on corporations.
Section 504.111 - Filing requirements.
Section 504.111A - Secretary of state — extra services — surcharge.
Section 504.113 - Filing, service, and copying fees.
Section 504.114 - Effective date of document.
Section 504.115 - Correcting filed document.
Section 504.116 - Filing duty of secretary of state.
Section 504.117 - Appeal from secretary of state’s refusal to file document.
Section 504.118 - Evidentiary effect of copy of filed document.
Section 504.119 - Certificate of existence.
Section 504.120 - Penalty for signing false document.
Section 504.132 - Secretary of state — internet site.
Section 504.141 - Chapter definitions.
Section 504.151 - Judicial relief.
Section 504.201 - Incorporators.
Section 504.202 - Articles of incorporation.
Section 504.203 - Incorporation.
Section 504.204 - Liability for preincorporation transactions.
Section 504.205 - Organization of corporation.
Section 504.207 - Emergency bylaws and powers.
Section 504.208 - Foreign-trade zone corporation.
Section 504.302 - General powers.
Section 504.303 - Emergency powers.
Section 504.304 - Ultra vires.
Section 504.401 - Corporate name.
Section 504.402 - Reserved name.
Section 504.403 - Registered name.
Section 504.501 - Registered office and registered agent.
Section 504.502 - Change of registered office or registered agent.
Section 504.503 - Resignation of registered agent.
Section 504.504 - Service on corporation.
Section 504.602 - Consideration.
Section 504.603 - No requirement of members.
Section 504.611 - Differences in rights and obligations of members.
Section 504.613 - Member’s liability to third parties.
Section 504.614 - Member’s liability for dues, assessments, and fees.
Section 504.615 - Creditor’s action against member.
Section 504.621 - Resignation.
Section 504.622 - Termination, expulsion, or suspension.
Section 504.623 - Purchase of memberships.
Section 504.631 - Derivative proceedings — definition.
Section 504.634 - Stay of proceedings.
Section 504.636 - Discontinuance or settlement.
Section 504.637 - Payment of expenses.
Section 504.638 - Applicability to foreign corporations.
Section 504.701 - Annual and regular meetings.
Section 504.702 - Special meeting.
Section 504.702A - Remote participation in meetings of members.
Section 504.703 - Court-ordered meeting.
Section 504.704 - Action by written consent.
Section 504.705 - Notice of meeting.
Section 504.706 - Waiver of notice.
Section 504.707 - Record date — determining members entitled to notice and vote.
Section 504.708 - Action by written ballot.
Section 504.709 - Conduct of meetings.
Section 504.711 - Members’ list for meeting.
Section 504.712 - Voting entitlement generally.
Section 504.713 - Quorum requirements.
Section 504.714 - Voting requirements.
Section 504.716 - Cumulative voting for directors.
Section 504.717 - Other methods of electing directors.
Section 504.718 - Corporation’s acceptance of votes.
Section 504.719 - Inspectors of election.
Section 504.721 - Voting agreements.
Section 504.801 - Requirement for and duties of board.
Section 504.802 - Qualifications of directors.
Section 504.803 - Number of directors.
Section 504.804 - Election, designation, and appointment of directors.
Section 504.805 - Terms of directors generally.
Section 504.806 - Staggered terms for directors.
Section 504.807 - Resignation of directors.
Section 504.808 - Removal of directors elected by members or directors.
Section 504.809 - Removal of designated or appointed directors.
Section 504.810 - Removal of directors by judicial proceeding.
Section 504.811 - Vacancy on board.
Section 504.812 - Compensation of directors.
Section 504.821 - Regular and special meetings.
Section 504.822 - Action without meeting.
Section 504.823 - Call and notice of meetings.
Section 504.824 - Waiver of notice.
Section 504.825 - Quorum and voting.
Section 504.826 - Committees of the board.
Section 504.831 - General standards for directors.
Section 504.832 - Standards of liability for directors.
Section 504.833 - Director conflict of interest.
Section 504.834 - Loans to or guarantees for directors and officers.
Section 504.835 - Liability for unlawful distributions.
Section 504.836 - Business opportunities.
Section 504.841 - Required officers.
Section 504.842 - Duties and authority of officers.
Section 504.843 - Standards of conduct for officers.
Section 504.844 - Resignation and removal of officers.
Section 504.845 - Contract rights of officers.
Section 504.846 - Officers’ authority to execute documents.
Section 504.851 - Definitions.
Section 504.852 - Permissible indemnification.
Section 504.853 - Mandatory indemnification.
Section 504.854 - Advance for expenses.
Section 504.855 - Court-ordered indemnification.
Section 504.856 - Determination and authorization of indemnification.
Section 504.857 - Indemnification of officers.
Section 504.859 - Application of part.
Section 504.860 - Exclusivity of part.
Section 504.901 - Personal liability.
Section 504.1001 - Authority to amend.
Section 504.1002 - Amendment by directors.
Section 504.1003 - Amendment by directors and members.
Section 504.1004 - Class voting by members on amendments.
Section 504.1005 - Articles of amendment.
Section 504.1006 - Restated articles of incorporation.
Section 504.1007 - Amendment pursuant to judicial reorganization.
Section 504.1008 - Effect of amendment and restatement.
Section 504.1021 - Amendment by directors.
Section 504.1022 - Amendment by directors and members.
Section 504.1023 - Class voting by members on amendments.
Section 504.1031 - Approval by third persons.
Section 504.1032 - Amendment terminating members or redeeming or canceling memberships.
Section 504.1101 - Approval of plan of merger.
Section 504.1102 - Limitations on mergers by public benefit or religious corporations.
Section 504.1103 - Action on plan by board, members, and third persons.
Section 504.1104 - Articles of merger.
Section 504.1105 - Effect of merger.
Section 504.1106 - Merger with foreign corporation or foreign unincorporated entity.
Section 504.1107 - Bequests, devises, and gifts.
Section 504.1108 - Conversion.
Section 504.1201 - Sale of assets in regular course of activities and mortgage of assets.
Section 504.1202 - Sale of assets other than in regular course of activities.
Section 504.1301 - Prohibited distributions.
Section 504.1302 - Authorized distributions.
Section 504.1401 - Dissolution by incorporators or directors and third persons.
Section 504.1402 - Dissolution by directors, members, and third persons.
Section 504.1403 - Articles of dissolution.
Section 504.1404 - Revocation of dissolution.
Section 504.1405 - Effect of dissolution.
Section 504.1406 - Known claims against dissolved corporation.
Section 504.1407 - Unknown claims against dissolved corporation.
Section 504.1421 - Grounds for administrative dissolution.
Section 504.1422 - Procedure for and effect of administrative dissolution.
Section 504.1423 - Reinstatement following administrative dissolution.
Section 504.1424 - Appeal from denial of reinstatement.
Section 504.1431 - Grounds for judicial dissolution.
Section 504.1432 - Procedure for judicial dissolution.
Section 504.1433 - Receivership or custodianship.
Section 504.1434 - Decree of dissolution.
Section 504.1441 - Deposit with state treasurer.
Section 504.1501 - Authority to transact business required.
Section 504.1502 - Consequences of transacting business without authority.
Section 504.1503 - Application for certificate of authority.
Section 504.1504 - Amended certificate of authority.
Section 504.1505 - Effect of certificate of authority.
Section 504.1506 - Corporate name of foreign corporation.
Section 504.1507 - Registered office and registered agent of foreign corporation.
Section 504.1508 - Change of registered office or registered agent of foreign corporation.
Section 504.1509 - Resignation of registered agent of foreign corporation.
Section 504.1510 - Service on foreign corporation.
Section 504.1521 - Withdrawal of foreign corporation.
Section 504.1531 - Grounds for revocation.
Section 504.1532 - Procedure for and effect of revocation.
Section 504.1533 - Appeal from revocation.
Section 504.1601 - Corporate records.
Section 504.1602 - Inspection of records by members.
Section 504.1603 - Scope of inspection right.
Section 504.1604 - Court-ordered inspection.
Section 504.1605 - Limitations on use of corporate records.
Section 504.1606 - Inspection of records by directors.
Section 504.1607 - Exception to notice requirement.
Section 504.1611 - Financial statements for members.
Section 504.1612 - Report of indemnification to members.
Section 504.1613 - Biennial report for secretary of state.
Section 504.1701 - Application to existing domestic corporations.
Section 504.1702 - Application to qualified foreign corporations.
Section 504.1703 - Savings provisions.
Section 504.1704 - Severability.
Section 504.1705 - Public benefit, mutual benefit, and religious corporations.