490.1431 - PROCEDURE FOR JUDICIAL DISSOLUTION.

        490.1431  PROCEDURE FOR JUDICIAL DISSOLUTION.         1.  Venue for a proceeding by the attorney general to dissolve a      corporation lies in Polk county.  Venue for a proceeding brought by      any other party named in section 490.1430 lies in the county where a      corporation's principal office or, if none in this state, its      registered office is or was last located.         2.  It is not necessary to make shareholders parties to a      proceeding to dissolve a corporation unless relief is sought against      them individually.         3.  A court in a proceeding brought to dissolve a corporation may      issue injunctions, appoint a receiver or custodian pendente lite with      all powers and duties the court directs, take other action required      to preserve the corporate assets wherever located, and carry on the      business of the corporation until a full hearing can be held.         4.  Within ten days of the commencement of a proceeding under      section 490.1430, subsection 2, to dissolve a corporation that has no      shares listed on a national securities exchange or regularly traded      in a market maintained by one or more members of a national      securities exchange, the corporation must send to all shareholders,      other than the petitioner, a notice stating that the shareholders are      entitled to avoid the dissolution of the corporation by electing to      purchase the petitioner's shares under section 490.1434, and a copy      of section 490.1434.  
         Section History: Recent Form
         89 Acts, ch 288, §157; 2002 Acts, ch 1154, §97, 125