Iowa Code 504.809 – Removal of designated or appointed directors
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1. A designated director of a corporation may be removed by an amendment to the articles or bylaws deleting or changing the designation.
Terms Used In Iowa Code 504.809
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- articles: includes amended and restated articles of incorporation and articles of merger. See Iowa Code 504.141
- Bylaws: means the code or codes of rules other than the articles adopted pursuant to this chapter for the regulation or management of the affairs of a corporation irrespective of the name or names by which such rules are designated. See Iowa Code 504.141
- Corporation: means a public benefit, mutual benefit, or religious corporation. See Iowa Code 504.141
- 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.
- Person: includes any individual or entity. See Iowa Code 504.141
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Secretary: means the corporate officer to whom the board of directors has delegated responsibility under section 504. See Iowa Code 504.141
2. a. Except as otherwise provided in the articles or bylaws, an appointed director may be removed without cause by the person appointing the director.
b. The person removing the appointed director shall do so by giving written notice of the removal to the director and either the presiding officer of the board or the corporation‘s president or secretary.
c. A removal of an appointed director is effective when the notice is effective unless the notice specifies a future effective date.