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Fill and Sign the Iowa Code 490 Form

Fill and Sign the Iowa Code 490 Form

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CORPORATE DISSOLUTION IOWA Electronic Version STATUTORY REFERENCE IOWA CODE, §§ 490.1401 through 490.1407 INTRODUCTORY NOTES AND LAW SUMMARY A majority of the incorporators or initial directors of an Iowa corporation that has not issued shares or has not commenced business may dissolve the corporation by filing articles of dissolution with the Secretary of State. The Articles must set forth: 1. The name of the corporation. 2. The date of its incorporation. 3. Either of the following:  That none of the corporation's shares has been issued.  That the corporation has not commenced business. 4. That no debt of the corporation remains unpaid. 5. That the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued. 6. That a majority of the incorporators or initial directors authorized the dissolution. For an Iowa corporation that has issued shares and commenced business, the board of directors may propose dissolution for submission to the shareholders. For a proposal to dissolve to be adopted, both of the following must apply: 1. The board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances

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