1. A director, in determining what is in the best interest of the association when considering a tender offer or proposal of acquisition, proposal of merger, proposal of consolidation, or similar proposal, may, in addition to consideration of the effects of any action on the association and its members, consider any or all of the community interest factors described in section 499.36A. 2. If on the basis of the community interest factors described in section 499.36A, the board of directors determines that a tender offer or proposal to acquire, merge, or consolidate the association or any similar proposal is not in the best interest of the association, it may reject the tender offer or proposal. Ifthe board of directors rejectsany such tenderoffer or proposal, the board of directors has no obligation to facilitate,to remove any barriers to, or to refrain from impeding the tender offer or proposal. Consideration of any or all of the community interest factors isnot a violation of the business judgment rule or of any duty of the director to the members, or a group of members, even if the director reasonably determines that a community interest factororfactors outweighthe financial or otherbenefitstothe association or a member or group of members.
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