2006 Code of Virginia § 13.1-774 - Financial statements for shareholders

13.1-774. Financial statements for shareholders.

A. If requested in writing by any shareholder, a corporation shall furnishthe shareholder with the financial statements for the most recent fiscalyear, which may be consolidated or combined statements of the corporation andone or more of its subsidiaries, as appropriate, that include a balance sheetas of the end of the fiscal year, an income statement for that year, and astatement of changes in shareholders' equity for the year unless thatinformation appears elsewhere in the financial statements. If financialstatements are prepared for the corporation on the basis of generallyaccepted accounting principles, the annual financial statements must also beprepared on that basis.

B. If the annual financial statements are reported upon by a publicaccountant, the accountant's report must accompany them. If the annualfinancial statements are not reported upon by a public accountant, thepresident or the person responsible for the corporation's accounting recordsshall provide the shareholder with a statement of the basis of accountingused in preparation of the annual financial statements and a description ofany respects in which the statements were not prepared on a basis ofaccounting consistent with the statements prepared for the preceding year.

C. If a corporation does not comply with a shareholder's request forfinancial statements within 30 days of delivery of such request to thecorporation, the circuit court in the city or county where the corporation'sprincipal office is located, or, if none in the Commonwealth, where itsregistered office is located may, upon application of the shareholder,summarily order the corporation to furnish such financial statements.

(Code 1950, 13.1-47; 1956, c. 428; 1975, c. 500; 1985, c. 522; 2005, c.765.)