Form with which a shareholder may demand the opportunity to inspect the records of a corporation in which the shareholder holds stock.
Georgia Demand Inspection of Books - Corporate Resolutions
State:
Multi-State
Control #:
US-0026-CR
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Demand Inspection Of Books - Corporate Resolutions?
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FAQ
The Basic Law:Specific statutes in the California Corporations Code provide shareholders the right to inspect bylaws, accounting books, records, minutes and financial statements. The California Corporations Code allows the court to enforce these rights.
If a minority shareholder is being treated unfairly by the majority, she should first request an inspection of the corporation's records. An inspection allows the shareholder to objectively assess and verify any suspicions of financial impropriety.
Corporate records help to protect a company's owner(s) by serving as evidence that the company is in fact a separate legal entity and not the alter ego of its owner(s). For example, when a company is sued, its corporate records will be subpoenaed. Corporations are required to hold meetings and keep accurate records.
Mortgagee or its representatives shall have the right to examine and make copies of all books and records and all supporting vouchers and data related to the Secured Property at reasonable times upon reasonable written notice to Grantor.
Resolutions are a different category of this type of record. An example of a resolution is when a corporation makes the decision to purchase real estate as part of the business. The owners of the corporation would all resolved that purchasing the real estate is the decision of the corporation.
The right of a stockholder to inspect the books of the corporation is rooted in Section 74 of the Corporation Code, which states that: The records of all business transactions of the corporation and the minutes of any meeting shall be open to inspection by any director, trustee, stockholder or member of the
Shareholders have the right to inspect a corporation's articles of incorporation and bylaws, but only limited rights to inspect accounting books and no right to inspect corporate communications and contracts.
Shareholders are entitled to inspect the company's financial books and records, including, but not limited to, financial statements, shareholder lists, corporate stock ledgers, and meeting minutes.
Are there any limitations on shareholders' right to inspect business records? Shareholders may inspect and copy any of the previously listed business records provided that written notice is given to the corporation at least five business days before the date they intend to inspect and copy.