Form with which a shareholder may demand the opportunity to inspect the records of a corporation in which the shareholder holds stock.
Ohio Demand Inspection of Books - Corporate Resolutions
State:
Multi-State
Control #:
US-0026-CR
Format:
Word;
Rich Text
Instant download
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How to fill out Demand Inspection Of Books - Corporate Resolutions?
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FAQ
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.
Subject to the governing documents and on written demand stating a proper purpose, a holder of shares of a corporation for at least six months immediately preceding the holder's demand, or a holder of at least five percent of all of the outstanding shares of a corporation, is entitled to examine and copy, at a
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.
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.
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.
As with any other right, the right of inspection is not absolute, and must always be balanced with other interests in play. In Puno vs. Puno Enterprises Inc., GR 177066, September 11, 2009, the Supreme Court clarified that the right of inspection may only be exercised by a stockholder of record.
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.
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.
How Do You Maintain a Minute Book?Certificate of Incorporation: A file-stamped copy of the Certificate/Articles of Incorporation and all subsequent amendments as filed in the state of incorporation.Bylaws: Your Bylaws and any amendments.Board of Directors:More items...?
The Corporation Code has granted to all stockholders the right to inspect the corporate books and records, and in so doing has not required any specific amount of interest for the exercise of the right to inspect.