490.741 - STANDING. - Iowa Statutes

490.741 STANDING. A shareholder shall not commence or maintain a derivative proceeding unless the shareholder satisfies both of the following: 1. Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time. 2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.          Section History: Recent Form 2002 Acts, ch 1154, §24, 125 Referred to in § 490.809