Iowa Code § 492.10

Cancellation of stock — reimbursement
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The capital stock of any corporation issued in violation of the terms and provisions of sections 492.5 through 492.8 shall be void, and in a suit brought by the attorney general on behalf of the state in any court having jurisdiction, a decree of cancellation shall be entered; andifthe corporation has received anymoney orthing of value for the said stock, such money or thing of value shall bereturned to the individual, firm,company, or corporationfrom whom itwas received, and if represented by labor or other service of intangible nature, the value thereof shall constitute a claim against the corporation issuing stock in exchange therefor. [S13, §1641-d; C24, 27, 31, 35, 39, §8417; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §492.10]

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