Section 490.810 - Vacancy on board of directors1. Unless the articles of incorporation provide otherwise, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of directors, the vacancy may be filled in any of the following manners: a. The shareholders may fill the vacancy.b. The board of directors may fill the vacancy.c. If the directors remaining in office are less than a quorum, they may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office.2. If the vacant office was held by a director elected by a voting group of shareholders, only the holders of shares of that voting group are entitled to vote to fill the vacancy if it is filled by the shareholders, and only the remaining directors elected by that voting group, even if less than a quorum, are entitled to fill the vacancy if it is filled by the directors.3. A vacancy that will occur at a specific later date, by reason of a resignation effective at a later date under section 490.807, subsection 2, or otherwise, may be filled before the vacancy occurs but the new director shall not take office until the vacancy occurs.89 Acts, ch 288, §81; 2011 Acts, ch 2, §7, 10; 2013 Acts, ch 31, §26, 82; 2018 Acts, ch 1015, §6; 2021 Acts, ch 165, § 96, 230
Amended by 2021 Iowa, ch 165, s 96, eff. 1/1/2022.Amended by 2018 Iowa, ch 1015, s 6, eff. 7/1/2018.Amended by 2013 Iowa, ch 31, s 26, eff. 1/1/2014.89 Acts, ch 288, §812011 Acts, ch 2, §7, 10