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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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