Iowa Business Corporation Act

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Iowa Business Corporation Act

Definition

§ 496A.34 A provision that permits directors to enter into self-interested transactions with the corporation, provided that either (1) a majority of disinterested directors approve the transaction after full disclosure of the director’s interest, (2) a majority of shareholders approve the transaction after full disclosure, or (3) the transaction is fair and reasonable to the corporation. This provision mirrors Delaware General Corporation Law § 144(a). 

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