§ 505.
638 words·~3 min read·
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§ 505. Right of member and former member to information
(a)Not later than 10 business days after receipt of a demand made in a record, a mutual benefit enterprise shall permit a member to obtain, inspect, and copy in the enterprise’s principal office required information listed in subdivisions 114(a)(1) through
(8)of this title during regular business hours. A member need not have any particular purpose for seeking the information. The enterprise is not required to provide the same information listed in subdivisions 114(a)(2) through
(8)of this title to the same member more than once during a six-month period.
(b)On demand made in a record received by the mutual benefit enterprise, a member may obtain, inspect, and copy in the enterprise’s principal office required information listed in subdivisions 114(a)(9), (10), (12), (13), (16), and
(18)of this title during regular business hours if:
(1)the member seeks the information in good faith and for a proper purpose reasonably related to the member’s interest;
(2)the demand includes a description with reasonable particularity of the information sought and the purpose for seeking the information;
(3)the information sought is directly connected to the member’s purpose; and
(4)the demand is reasonable.
(c)Not later than 10 business days after receipt of a demand pursuant to subsection
(b)of this section, a mutual benefit enterprise shall provide, in a record, the following information to the member that made the demand:
(1)if the enterprise agrees to provide the demanded information:
(A)what information the enterprise will provide in response to the demand; and
(B)a reasonable time and place at which the enterprise will provide the information; or
(2)if the enterprise declines to provide some or all of the demanded information, the enterprise’s reasons for declining.
(d)A person dissociated as a member may obtain, inspect, and copy information available to a member under subsection
(a)or
(b)of this section by delivering a demand in a record to the mutual benefit enterprise in the same manner and subject to the same conditions applicable to a member under subsection
(b)of this section if:
(1)the information pertains to the period during which the person was a member in the enterprise; and
(2)the person seeks the information in good faith.
(e)A mutual benefit enterprise shall respond to a demand made pursuant to subsection
(d)of this section in the manner provided in subsection
(c)of this section.
(f)Not later than 10 business days after receipt by a mutual benefit enterprise of a demand made by a member in a record, but not more often than once in a six-month period, the enterprise shall deliver to the member a record stating the information with respect to the member required by subdivision 114(a)(17) of this title.
(g)A mutual benefit enterprise may impose reasonable restrictions, including nondisclosure restrictions, on the use of information obtained under this section. In a dispute concerning the reasonableness of a restriction under this subsection, the enterprise has the burden of proving reasonableness.
(h)A mutual benefit enterprise may charge a person that makes a demand under this section reasonable costs of copying, limited to the costs of labor and material.
(i)A person who may obtain information under this section may obtain the information through an attorney or other agent. A restriction imposed on the person under subsection
(g)of this section or by the organic rules applies to the attorney or other agent.
(j)The rights stated in this section do not extend to a person as transferee.
(k)The organic rules may require a mutual benefit enterprise to provide more information than required by this section and may establish conditions and procedures for providing the information. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)