Section 489.1003 - Required notice or approval1. A domestic or foreign entity that is required to give notice to, or obtain the approval of, a governmental agency or officer of this state to be a party to a merger must give the notice or obtain the approval to be a party to an interest exchange, conversion, or domestication.2. Property held for a charitable purpose under the law of this state by a domestic or foreign entity immediately before a transaction under this subchapter becomes effective may be diverted from the objects for which it was donated, granted, devised, or otherwise transferred only to the extent a public benefit corporation is able to divert from such objects under chapter 504.3. A bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance which is made to a merging entity that is not the surviving entity and which takes effect or remains payable after the merger inures to the surviving entity.4. A trust obligation that would govern property if transferred to a nonsurviving entity applies to property that is transferred to the surviving entity under this section.2023 Acts, ch 152, §82, 161
Amended by 2023 Iowa, ch 152, s 82, eff. 1/1/2024.2008 Acts, ch 1162, §73, 155Referred to in §489.14604
Former §489.1003 stricken effective January 1, 2024, by 2023 Acts, ch 152, §82, 161
Section effective January 1, 2024; 2023 Acts, ch 152, §161
NEW section