It's been four weeks since Iowa Code Chapter 489 went into effect. Over 300 LLCs have been formed under the new law. What are your thoughts about the new law now that you have had a chance to work with it?
This isn't just an idle question put forth by a blogger reaching for something to write about. The Iowa Bar Association's LLC Committee is meeting next Tuesday to discuss issues that have come up since the beginning of the year. A representative of the Iowa Secretary of State's office will also be at the meeting.
Currently on our agenda are two items: (1) Section 202 regarding the certificates of organization and related issues with respect to the registered agent and (2) statements of authority under Section 489.304.
As chair of the committee, I would really like to hear your thoughts on the use of statements of authority. It appears that the real estate bar is struggling with this concept and there is a lot of poor statutory interpretation contributing to the problem. One solution to the issue is the adoption of an ultra vires provision like the one found in the Iowa Business Corporation Act. What do you think?