554.8210 Overissue. 1. In this section, 'overissue' means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action hascured the overissue. 2. Except as otherwise provided in subsections 3 and 4, the provisions of this Article which validate a security or compel its issue or reissue do not apply to the extent that validation,issue, or reissue would result in overissue. 3. If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase thesecurity and deliver it if certificated or register its transfer if uncertificated, against surrenderof any security certificate the person holds. 4. If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for valuepaid for it with interest from the date of the person’s demand. 96 Acts, ch 1138, §33, 84Referred to in §554.8102, 554.8404, 554.8405 Sat Dec 23 01:58:20 2023 Iowa Code 2024, Section 554.8210 (25, 0)
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