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Section 220 of the DGCL provides stockholders and directors with an invaluable resource to inspect a corporation's books and records or stockholder list, and can serve useful purposes such as valuing a stockholder's interest, communicating with other shareholders before an election of directors, investigating corporate ...
Section 228 requires that a Stockholder Communication (a "228 Notice") disclosing the corporate actions approved via Stockholder Consent be sent to all stockholders who would have been entitled to participate in the vote if it was taken at a meeting.
Under Section 220, a stockholder plaintiff must have a proper purpose for seeking a corporation's books and records. When that purpose is to investigate possible wrongdoing, she bears the burden to demonstrate a ?credible basis? to suspect that wrongdoing has occurred.
Delaware General Corporation Law Section 220 permits a stockholder (who complies with the ?form and manner? requirements of making a demand) to access corporate books and records for a ?proper purpose??which, most commonly, is to investigate suspected corporate wrongdoing (such as potential fiduciary breaches by ...
If you wish to order a copy of an annual report, please call 302-739-3073 for more information. NOTE: Alternative entities (Limited Liability Companies, Limited Partnerships, and General Partnerships) do not currently file annual reports. Annual reports are required for domestic and foreign corporations only.
Section 220 of Delaware General Corporation Law gives stockholders the right to examine certain corporate books and records, if the request is made for a ?proper purpose.? One of the more common ?proper purposes? is to investigate possible corporate mismanagement or wrongdoing.
Under Section 220, a stockholder plaintiff must have a proper purpose for seeking a corporation's books and records. When that purpose is to investigate possible wrongdoing, she bears the burden to demonstrate a ?credible basis? to suspect that wrongdoing has occurred.
Section 220 - Inspection of books and records (a) As used in this section: (1) "Stockholder" means a holder of record of stock in a stock corporation, or a person who is the beneficial owner of shares of such stock held either in a voting trust or by a nominee on behalf of such person.