Form with which a shareholder may demand the opportunity to inspect the records of a corporation in which the shareholder holds stock.
Indiana Demand Inspection of Books — Corporate Resolutions refers to the legal process through which shareholders of a corporation in the state of Indiana can obtain access to the company's books and records. This demand for inspection serves as a mechanism to ensure transparency, accountability, and safeguard the rights of shareholders. The Indiana Corporations Code (IC 23-1-55) provides shareholders with the right to demand inspection of specific corporate documents and records. This demand must be made in writing to the corporation's registered office, stating the purpose for the inspection and the specific documents or records the shareholder seeks to examine. The request must also include an affirmation that the requested inspection is not being made for an improper purpose, such as gaining a competitive advantage or harassing the corporation. The demand for inspection can encompass various types of corporate records, including financial statements, accounting books, meeting minutes, shareholder lists, and other pertinent records that shed light on the corporation's financial health, decision-making processes, and adherence to legal requirements. In cases where the corporation refuses to allow inspection or fails to respond within a reasonable time (typically within five business days), the shareholder may resort to legal remedies to compel the inspection. This can be achieved by filing a lawsuit in an Indiana court seeking a court order to enforce the demand for inspection. If successful, the court may order the corporation to allow inspection and may also award reasonable fees and expenses incurred by the shareholder in pursuing the litigation. It's worth noting that Indiana Demand Inspection of Books — Corporate Resolutions applies to all types of corporations operating within the state, including both for-profit and non-profit entities. However, different requirements and procedures may apply based on the corporation's specific legal structure, such as whether it is a closely held corporation, a publicly traded company, or a non-profit organization. Therefore, it is essential to consult legal professionals or refer to the Indiana Corporations Code for specific regulations and guidelines pertaining to each type of corporation.
