§414D-302 Inspection of records by members.

297 words·~1 min read·/hi/414d-302

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Subject to sections 414D-301(e) and 414D-303(c), a member is entitled to inspect and copy, at a reasonable time and location specified by the corporation, any of the records of the corporation described in section 414D-301(e) if the member gives the corporation written notice or a written demand at least five business days before the date on which the member wishes to inspect and copy.

(b)A member is entitled to inspect and copy, at a reasonable time and reasonable location specified by the corporation, any of the following records of the corporation if the member meets the requirements of subsection

(c)and gives the corporation written notice at least five business days before the date on which the member wishes to inspect and copy:

(1)Excerpts from any records required to be maintained under section 414D-301(a), to the extent not subject to inspection under subsection (a);

(2)Accounting records of the corporation; and

(3)Subject to sections 414D-109(b) and 414D-305, the membership list.

(c)A member may inspect and copy the records identified in subsection

(b)only if:

(1)The member's demand is made in good faith and for a proper purpose;

(2)The member describes with reasonable particularity the purpose and the records the member desires to inspect; and

(3)The records are directly connected with this purpose.

(d)This section does not affect:

(1)The right of a member to inspect records:

(A)Under section 414D-109; or

(B)If the member is in litigation with the corporation to the same extent as any other litigant; or

(2)The power of a court, independently of this chapter, to compel the production of corporate records for examination. [L 2001, c 105, pt of §1; am L 2002, c 130, §68]