2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 302A Business Corporations
Section 302A.463 FINANCIAL STATEMENTS.

302A.463 FINANCIAL STATEMENTS.
(a) A corporation shall prepare annual financial statements within 180 days after the close of
the corporation's fiscal year. The financial statement shall include at least a balance sheet as of
the end of each fiscal year and a statement of income for the fiscal year, which shall be prepared
on the basis of accounting methods reasonable in the circumstances and may be consolidated
statements of the corporation and one or more of its subsidiaries. In the case of statements audited
by a public accountant, each copy shall be accompanied by a report setting forth the opinion of
the accountant on the statements; in other cases, each copy shall be accompanied by a statement
of the chief financial officer or other person in charge of the corporation's financial records stating
the reasonable belief of the person that the financial statements were prepared in accordance with
accounting methods reasonable in the circumstances, describing the basis of presentation, and
describing any respects in which the financial statements were not prepared on a basis consistent
with those prepared for the previous year.
(b) Upon written request by a shareholder, a corporation shall furnish its most recent annual
financial statements as required under paragraph (a) no later than ten business days after receipt
of a shareholder's written request. "Furnish" for purposes of this paragraph means that the
corporation shall deliver or mail, postage prepaid, the financial statements to the address specified
by the requesting shareholder.
History: 1981 c 270 s 78; 1982 c 497 s 49; 1993 c 17 s 39