Form with which a shareholder may demand the opportunity to inspect the records of a corporation in which the shareholder holds stock.
Pennsylvania Demand Inspection of Books - Corporate Resolutions
State:
Multi-State
Control #:
US-0026-CR
Format:
Word;
Rich Text
Instant download
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How to fill out Demand Inspection Of Books - Corporate Resolutions?
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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.
There are various remedies available to the shareholder where the right to inspect is violated, such as petition for inspection of corporate records with the competent court, complaint for damages or a criminal action against the person/s who denied the request to inspect on behalf of the corporation.
The director, trustee, stockholder or member may inspect the corporate records in person or through a representative at reasonable hours on business days, as well as demand in writing and at his/her expense for copies of such records.
Question: Can shareholders insist on seeing management accounts, bank statements or other detailed financial information? No. Their rights to see financial information are limited to the company's annual filed accounts.
Resolutions are a different category of this type of record. An example of a resolution is when a corporation makes the decision to purchase real estate as part of the business. The owners of the corporation would all resolved that purchasing the real estate is the decision of the corporation.
The Basic Law:Specific statutes in the California Corporations Code provide shareholders the right to inspect bylaws, accounting books, records, minutes and financial statements. The California Corporations Code allows the court to enforce these rights.
How To Write a Corporate Resolution Step by StepStep 1: Write the Company's Name.Step 2: Include Further Legal Identification.Step 3: Include Location, Date and Time.Step 4: List the Board Resolutions.Step 5: Sign and Date the Document.
A corporate resolution is a written document created by the board of directors of a company detailing a binding corporate action. A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances.
If a minority shareholder is being treated unfairly by the majority, she should first request an inspection of the corporation's records. An inspection allows the shareholder to objectively assess and verify any suspicions of financial impropriety.
Shareholders have the right to inspect a corporation's articles of incorporation and bylaws, but only limited rights to inspect accounting books and no right to inspect corporate communications and contracts.