Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
1. The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.
2. a. The terms of all other directors expire at the next annual shareholders' meeting following their election unless their terms are staggered under section 490.806.
b. (1) Notwithstanding paragraph “a”, for a public corporation subject to section 490.806A, subsection 1, or section 490.806B, the terms of directors shall be staggered as provided in section 490.806A, subsection 1, or may be staggered as provided in section 490.806B.
(2) This paragraph “b” is repealed on January 1, 2022.
3. A decrease in the number of directors does not shorten an incumbent director's term.
4. a. The term of a director elected to fill a vacancy expires at the next shareholders' meeting at which directors are elected.
b. (1) Notwithstanding paragraph “a”, for a public corporation subject to section 490.806A, subsection 1, or section 490.806B, the term of a director elected to fill a vacancy expires as provided in section 490.806A, subsection 1, or section 490.806B.
(2) This paragraph “b” is repealed on January 1, 2022.
5. Despite the expiration of a director's term, the director continues to serve until a successor for that director is elected and qualifies or until there is a decrease in the number of directors.
Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 490.805. Terms of directors generally - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-490-805/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.