271B.16-020 Inspection of records by shareholders.
(1)
(2)
(3)
(4)
(5)
(6)
A shareholder of a corporation shall be entitled to inspect and copy, during regular
business hours at the corporation's principal office, any of the records of the
corporation described in subsection (5) of KRS 271B.16-010 if he gives the
corporation written notice of his demand at least five (5) business days before the
date on which he wishes to inspect and copy.
A shareholder of a corporation shall be entitled to inspect and copy during regular
business hours at a reasonable location specified by the corporation any of the
following records of the corporation if the shareholder meets the requirements of
subsection (3) of this section and gives the corporation written notice of his demand
at least five (5) business days before the date on which he wishes to inspect and
copy:
(a) Excerpts from minutes of any meeting of the board of directors, records of any
action of a committee of the board of directors while acting in place of the
board of directors on behalf of the corporation, minutes of any meeting of the
shareholders, and records of action taken by the shareholders or board of
directors without a meeting, to the extent not subject to inspection under
subsection (1) of this section;
(b) Accounting records of the corporation; and
(c) The record of shareholders.
A shareholder may inspect and copy the records described in subsection (2) of this
section only if:
(a) His demand is made in good faith and for a proper purpose;
(b) He describes with reasonable particularity his purpose and the records he
desires to inspect; and
(c) The records are directly connected with his purpose.
The right of inspection granted by this section shall not be abolished or limited by a
corporation's articles of incorporation or bylaws.
This section shall not affect:
(a) The right of a shareholder to inspect records under KRS 271B.7-200 or, if the
shareholder is in litigation with the corporation, to the same extent as any
other litigant;
(b) The power of a court, independently of this chapter, to compel the production
of corporate records for examination.
For purposes of this section, "shareholder" includes a beneficial owner whose shares
are held in a voting trust or by a nominee on his behalf.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 168, effective January 1, 1989.
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