Kentucky is a state located in the southern region of the United States. Known for its beautiful landscapes, horse racing, bourbon distilleries, and southern hospitality, Kentucky has a rich history and vibrant culture. However, it seems there has been a confusion in the given prompt, as the mentioned sections, 302A.471 and 302A.473, actually belong to the Minnesota Business Corporation Act, not Kentucky. Therefore, in this response, I will provide a detailed description of these sections of the Minnesota Business Corporation Act. The Minnesota Business Corporation Act is legislation that governs the formation, operation, and dissolution of corporations within the state of Minnesota. Sections 302A.471 and 302A.473 are specific provisions within this act that focus on important aspects of corporate governance and shareholder rights. 1. Section 302A.471: Shareholder Inspection Rights Section 302A.471 of the Minnesota Business Corporation Act establishes the right of shareholders to inspect and copy various corporate records and documents. This provision grants shareholders the ability to access information pertinent to the corporation's financial status, governance, and decision-making processes. Shareholders can request to inspect records such as the corporation's articles of incorporation, bylaws, minutes of shareholder meetings, annual reports, financial statements, and stock ledger. The corporation is required to provide access to these records within a reasonable time upon receiving a written request from a shareholder. 2. Section 302A.473: Shareholder Derivative Actions Section 302A.473 of the Minnesota Business Corporation Act deals with shareholder derivative actions. A derivative action allows a shareholder to sue on behalf of the corporation when the corporation's directors or officers have failed to take legal action themselves. This provision ensures that shareholders can hold corporate management accountable for any misconduct or harm caused to the corporation. To bring a derivative action, the shareholder must follow specific procedural requirements defined in Section 302A.473. These include delivering a written demand to the corporation's board of directors, providing a detailed statement of the reasons for the demand, and waiting a specified time period before initiating the lawsuit. It is important to note that these sections, 302A.471 and 302A.473, are only a small part of the comprehensive Minnesota Business Corporation Act. The act encompasses various provisions addressing corporate governance, shareholder rights, mergers and acquisitions, and more. Understanding and complying with these provisions is vital for corporations operating within the state of Minnesota. In conclusion, while Kentucky offers a diverse and fascinating landscape, Sections 302A.471 and 302A.473 belong to the Minnesota Business Corporation Act, not Kentucky. These sections address important aspects of shareholder rights, including inspection rights and derivative actions, within the context of corporate governance. Complying with these provisions helps ensure transparency, accountability, and the protection of shareholder interests in Minnesota corporations.
Kentucky Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act
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A prohibition or limit on indemnification or advances may not apply to or affect the right of a person to indemnification or advances of expenses with respect to any acts or omissions of the person occurring prior to the effective date of a provision in the articles or the date of adoption of a provision in the bylaws ...
When written action is permitted to be taken by less than all directors, all directors shall be notified immediately of its text and effective date. Failure to provide the notice does not invalidate the written action.
A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose.
An action required or permitted to be taken at a board meeting may be taken by written action signed, or consented to by authenticated electronic communication, by all of the directors.
An action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting by written action signed, or consented to by authenticated electronic communication, by all of the shareholders entitled to vote on that action.
A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose.
(a) A shareholder shall not assert dissenters' rights as to less than all of the shares registered in the name of the shareholder, unless the shareholder dissents with respect to all the shares that are beneficially owned by another person but registered in the name of the shareholder and discloses the name and address ...
When written action is permitted to be taken by less than all shareholders, all shareholders who did not sign or consent to the written action must be notified of its text and effective time no later than five days after the effective time of the action.