Iowa Admin. Code r. 191-50.51

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-50.51 - Consent to service

(1) Every consent appointing the administrator or successor to be an attorney to receive service of any lawful process as required by Iowa Code section 502611. shall be properly notarized and shall contain, at a minimum, the following information:

a. Name of the applicant;

b. Address of the applicant;

c. A statement that the consent is irrevocable;

d. A statement that the consent is valid as to any noncriminal suit, action or proceeding against the applicant or the successor, executor or administrator of the applicant which arises out of the Act; and

e. A statement that the applicant stipulates and agrees that service upon the administrator shall have the same validity as if served personally upon the applicant.

(2) A form of consent to service of process provided by the administrator, a Form U-2, or a consent to service of process contained in any other form authorized or required to be filed by these rules shall satisfy subrule 50.51(1).

(3) A broker-dealer, investment adviser, agent, investment adviser representative, federal covered investment adviser, or issuer may incorporate by reference any consent to service of process required to be filed pursuant to Iowa Code sections 502302(1)."a," 502.302(3), 502.303(2), 502.304(2), 502.406(1) and 502611., or the administrative rules implementing these sections.

This rule is intended to implement Iowa Code section 502.611.

Iowa Admin. Code r. 191-50.51