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1. Notwithstanding section 490.806A, the board of directors of any public corporation which, as of January 1, 2019, is subject to section 490.806A, subsection 1, shall adopt an amendment to its articles of incorporation that includes all of the following:
a. The staggered terms of the class I directors, class II directors, and class III directors elected or appointed prior to January 1, 2019, shall cease at the expiration of their then current terms as provided in section 490.806A, subsection 1.
b. The terms of directors elected or appointed on or after January 1, 2019, shall expire at the next annual shareholders' meeting following their election or appointment.
c. Any other changes that the directors determine are necessary to implement the provisions of this subsection.
2. Any amendment to the articles of incorporation as provided in subsection 1 shall be made without shareholder approval.
3. Notwithstanding subsection 1, the public corporation's articles of incorporation may provide for staggering the terms of its directors as provided in section 490.806.
4. Section 490.803, subsection 2, paragraph “b”, and section 490.810, subsection 1A, shall continue to apply to a public corporation subject to subsection 1 of this section.
5. This section is repealed on January 1, 2022.
Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 490.806B. Public corporations--nonstaggered terms - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-490-806b.html
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