504.1701 - APPLICATION TO EXISTING DOMESTIC CORPORATIONS.
504.1701 APPLICATION TO EXISTING DOMESTIC CORPORATIONS. 1. A domestic corporation that is incorporated under chapter 504A, Code 2005, is subject to this chapter beginning on July 1, 2005. 2. Prior to July 1, 2005, only the following corporations are subject to the provisions of this chapter: a. A corporation formed on or after January 1, 2005. b. A corporation incorporated under chapter 504A, Code 2005, that voluntarily elects to be subject to the provisions of this chapter in accordance with the procedures set forth in subsection 3. 3. A corporation incorporated under chapter 504A, Code 2005, may voluntarily elect to be subject to the provisions of this chapter by doing all of the following: a. The corporation shall amend or restate its articles of incorporation to indicate that the corporation voluntarily elects to be subject to the provisions of this chapter. b. The corporation shall deliver a copy of the amended or restated articles of incorporation to the secretary of state for filing and recording in the office of the secretary of state. 4. After the amended or restated articles of incorporation have been filed with the secretary of state all of the following shall occur: a. The corporation shall be subject to all provisions of this chapter. b. The secretary of state shall issue a certificate of filing of the corporation's amended or restated articles of incorporation indicating that the corporation has made a voluntary election to be subject to the provisions of this chapter and shall deliver the certificate to the corporation or to the corporation's representative. c. The secretary of state shall not file the amended or restated articles of incorporation of a corporation pursuant to this subsection unless at the time of filing the corporation is validly organized under the chapter under which it is incorporated, and has filed all biennial reports that are required and paid all fees that are due in connection with such reports. 5. The voluntary election of a corporation to be subject to the provisions of this chapter that is made pursuant to this section does not affect any right accrued or established, or any liability or penalty incurred by the corporation pursuant to the chapter under which the corporation was organized prior to such voluntary election.
Section History: Recent Form 2004 Acts, ch 1049, §176, 192; 2005 Acts, ch 3, §80--82