Michigan Demand for Inspection of Corporate Books and Records
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How to fill out Demand For Inspection Of Corporate Books And Records?
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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.
Although only the board of directors of the company have the right to inspect the books of accounts of the company under Section 128 of the Act, shareholders may inspect audited financial statements and every other ancillary document relating to the financial statements of the company.
Shareholders have no general right to inspect board minutes, in the absence of an express provision in the articles (or another agreement to which the company is a party, such as a shareholders' agreement). An authority is R v The Mariquita and New Granada Mining Company (1858) 1 Ellis and Ellis 289.
(Corp. Code, § 1600, subd. (a).) Shareholders who meet these requirements may ?inspect and copy the record of shareholders' names and addresses and shareholdings during usual business hours upon five business days' prior written demand.? (Ibid.)
Shareholders who are (or were) employees of the corporation have independent rights under the California Labor Code to inspect all records the corporation must maintain under, inter alia, Labor Code section 226, subdivisions (a) and (b), and Labor Code section 1174, subdivision (d).
Right of Inspection of Corporate Records by Shareholders Shareholders are entitled to the results of the vote at a special, regular, or annual meeting. Also, in California, stockholders that own at least 5% of corporate shares have the right to access quarterly financial information and shareholder lists.
Shareholders have common law and statutory rights to inspect and copy the records and books of corporations and limited liability companies (LLCs).
A corporation's shareholders have a right to inspect the company's books for any reason. It is the responsibility of the board of directors and its audit committee to engage an independent accounting firm to audit the financial statements prepared by management.
