Allowing the formation of certain for-profit corporations as benefit corporations authorized to do business in this state under certain conditions

Same legislation: HF 229, HF 645

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedFebruary 5, 2019
Stopped: SubcommitteeDied when the General Assembly ended
Next: House committee
Next: Passes the House
Next: Senate committee
Next: Passes the Senate
Next: To the Governor
Next: Signed into law

Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

GENERAL. This bill amends the “Iowa Business Corporation Act” codified in Code chapter 490, by creating new division XVIII governing benefit corporations. The bill allows a new business for-profit to either incorporate as a benefit corporation or as an existing corporation to become a benefit corporation.1801(1)).1801(2)). Both existing Code chapter 490 and the bill’s amendments in part creating new division XVIII are based on model legislation prepared by the American bar association. DECLARATION.

Read the full explanation

1801(3)).401).5).1806(1)). CHOICE TO FORM AS OR BECOME A BENEFIT ENTITY.202).1003)).1104(7)). In any case, at least 90 percent of the corporation’s outstanding voting and nonvoting shares of each class and series must approve the choice.1302(1)).1104(7)). MANAGEMENT.1805(1)).1805(2)).1805(3)).1807 and existing Code chapter division VII, part D). REPORT.1806(2)). The benefit corporation’s directors are responsible for the report’s preparation. The benefit corporation’s articles may require the involvement by a third party, who may be responsible for certifying how the corporation addressed the public benefit or the best interests of those materially affected by the corporation’s conduct.1806(3)). APPLICATION. The special designation of a corporation as a benefit corporation does not by itself create an implication that different rules apply to nonbenefit corporations.1808).

Full bill text¹

Iowa Code it changes

Creates§490.1801 §490.1802 §490.1803 §490.1804 §490.1805 §490.1806 §490.1807 §490.1808

Amends§490.1302 §490.401 §496C.5

How the Code works²

Lobbying

0 for · 0 against · 15 undecided · Who →

Family tree

88th General Assembly

HF 229Cleared committee HF 312Cleared committee HF 645Cleared committee

Picked up later

HF 85Cleared committee89th GA

Earlier and later bills are matched by wording or an identical title.

Similar bills

HF 85 Allowing the formation of certain for-profit corporations as benefit corporations authoriz…
89th General Assembly · In committee
Nearly identical

Matched by wording or an identical title.