Reacquired shares as issued but not outstanding shares.
Iowa Code § 490.632
in effect490.632. Reacquired shares as issued but not outstanding shares.
1. A corporation which, as of December 30, 1989, treated any of its shares which it had reacquired as issued but not outstanding shares may continue to treat those shares as issued but not outstanding shares.
2. If a corporation reacquires its own shares after December 30, 1989, but before January 1, 1991, those shares constitute issued but not outstanding shares as of and after their reacquisition if either of the following is applicable:
a. When the shares are reacquired, the articles of incorporation contain a provision specifying that reacquired shares constitute issued but not outstanding shares.
b. Prior to January 1, 1991, the board of directors adopts a resolution specifying that shares reacquired after December 30, 1989, and prior to January 1, 1991, constitute issued but not outstanding shares.
3. If a corporation reacquires its own shares after December 31, 1990, those shares constitute issued but not outstanding shares if, at the time they are reacquired by the corporation, either of the following is applicable:
a. The articles of incorporation contain a provision specifying that reacquired shares constitute issued but not outstanding shares.
b. The board of directors has adopted a resolution specifying that reacquired shares constitute issued but not outstanding shares.
4. Unless otherwise provided in its articles of incorporation, a corporation may at any time, by resolution adopted by its board of directors, cancel or otherwise restore to the status of authorized but unissued shares any of its shares which it has previously reacquired and treated as issued but not outstanding shares.
90 Acts, ch 1205, §24; 91 Acts, ch 97, §54
Source: Iowa Legislature (legis.iowa.gov)URL: https://www.legis.iowa.gov/docs/code/2026/490.632.pdfFetched: 10/20/2026