1. For purposes of this chapter, any of the following identified as a shareholder in a corporation‘s current record of shareholders constitutes one shareholder:

 a. Three or fewer co-owners.
 b. A corporation, partnership, trust, estate, or other entity.
 c. The trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account.

Terms Used In Iowa Code 490.142

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Entity: includes a domestic and foreign business corporation; domestic and foreign nonprofit corporation; estate; trust; domestic and foreign unincorporated entity; and a state, the United States, and a foreign government. See Iowa Code 490.140
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means a person as defined in section 4. See Iowa Code 490.140
  • Shareholder: means a record shareholder. See Iowa Code 490.140
 2. For purposes of this chapter, shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.
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