Iowa Code » Chapter 490 — BUSINESS CORPORATIONS
Iowa Code

Iowa Code § 490.742 (2026)

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✓ current as of July 2026
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A shareholder shall not commence a derivative proceeding until both of the following have occurred:

1. A written demand has been made upon the corporation to take suitable action.

2. Ninety days have expired from the date delivery of the demand was made, unless the shareholder has earlier been notified that the demand has been rejected by the corporation\n\nTue Dec 09 22:07:43 2025 Iowa Code 2026, Chapter 490 (142, 1) §490.742, BUSINESS CORPORATIONS 54\n\nor unless irreparable injury to the corporation would result by waiting for the expiration of the ninety-day period. 2002 Acts, ch 1154, §25, 125; 2013 Acts, ch 31, §20, 82 \n

Notes of Decisions
Cited in 4 cases (2 in the last 5 years), 2006–2021 · leading case: Bernice Gill v. Bill Vorhes & Vorhes, Ltd. (Iowa Ct. App. 2016).
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Bernice Gill v. Bill Vorhes & Vorhes, Ltd. (Iowa Ct. App. 2016). · cites it 4× “” On November 14, 2014, the district court denied the renewed motion to dismiss and concluded that to grant the motion would have exalted form over substance: The court specifically finds that Plaintiff satisfied the conditions imposed by section 490.742 before commencing this…”
Gregory Shepard v. Employers Mut. Cas. Comp, 998 F.3d 330 (8th Cir. 2021). “” Iowa Code § 490.742 (alteration added). This demand requirement “imposes little hardship on the complaining shareholders,” and may be satisfied “by simply mailing a copy of the complaint to the board of directors advising them that unless the corporation enforces its rights,…”
Ritter v. Dollens, 841 N.E.2d 571 (Ind. 2006). “§ 30-1-742 (1998); Iowa Code § 490.742 (2002); Me. Rev. Stat.”
Susan A. Guge & Peggy McDonald v. Kassel Enter., Inc. (Iowa 2021). · cites it 2× “See Iowa Code § 490.742 ; Iowa R. Civ. P. 1.279.”
— Iowa Code § 490.742(1) — 1 case
Bernice Gill v. Bill Vorhes & Vorhes, Ltd. (Iowa Ct. App. 2016). “” On November 14, 2014, the district court denied the renewed motion to dismiss and concluded that to grant the motion would have exalted form over substance: The court specifically finds that Plaintiff satisfied the conditions imposed by section 490.742 before commencing this…”
— Iowa Code § 490.742(2) — 1 case
Bernice Gill v. Bill Vorhes & Vorhes, Ltd. (Iowa Ct. App. 2016). “” On November 14, 2014, the district court denied the renewed motion to dismiss and concluded that to grant the motion would have exalted form over substance: The court specifically finds that Plaintiff satisfied the conditions imposed by section 490.742 before commencing this…”
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