My question involves business law in the state of: Iowa
Can a defendant claim ownership of corporate assets of an Iowa nonprofit corporation that was organized (As stated in the Iowa Nonprofit Articles of Incorporation) under the Iowa Nonprofit Corporation Act, Chapter 504A of the Code of Iowa (1999) and within the meaning of Section 501(c)(3) of the IRS code of 1986 by making the claim within the revised by-laws at a later date?
The claim in the by-laws is stating that should the corporation dissolve, the members of the board of the corporation shall receive an equal share of all assets.
Is this legal?
If it is not, what possible legal ramifications might exist in a lawsuit dispute over corporate assets with such a statement in the by-laws?
Also, if illegal, could such a statement be used a evidence in a lawsuit to show mal-intent regarding the founding of the corporation or at the time the by-laws were revised, particularly when other legal claims against this defendant are stated in the Petition against the Plaintiff.
I look forward to your answers.