§ 271b-16-020

271B.16 -020 Inspection of records by shareholders. (1) A shareholder of a corporation shall be entitled to inspect and copy, during regular business hours at the corporation's principal office, any of the records of the corporation described in subsection (5) of KRS 271B.16 -010 if he gives the corporation writ ten notice of his demand at least five (5) business days before the date on which he wishes to inspect and copy. (2) A shareholder of a corporation shall be entitled to inspect and copy during regular business hours at a reasonable location specified by th e corporation any of the following records of the corporation if the shareholder meets the requirements of subsection (3) of this section and gives the corporation written notice of his demand at least five (5) business days before the date on which he wis hes to inspect and copy: (a) Excerpts from minutes of any meeting of the board of directors, records of any action of a committee of the board of directors while acting in place of the board of directors on behalf of the corporation, minutes of any meeting of the shareholders, and records of action taken by the shareholders or board of directors without a meeting, to

n place of the board of directors on behalf of the corporation, minutes of any meeting of the shareholders, and records of action taken by the shareholders or board of directors without a meeting, to the extent not subject to inspection under subsection (1) of this section; (b) Accounting records of the corporation; and (c) The record of sh areholders. (3) A shareholder may inspect and copy the records described in subsection (2) of this section only if: (a) His demand is made in good faith and for a proper purpose; (b) He describes with reasonable particularity his purpose and the records he desires to inspect; and (c) The records are directly connected with his purpose. (4) The right of inspection granted by this section shall not be abolished or limited by a corporation's articles of incorporation or bylaws. (5) This section shall not affec t: (a) The right of a shareholder to inspect records under KRS 271B.7 -200 or, if the shareholder is in litigation with the corporation, to the same extent as any other litigant; (b) The power of a court, independently of this chapter, to compel the product ion of corporate records for examination.

in litigation with the corporation, to the same extent as any other litigant; (b) The power of a court, independently of this chapter, to compel the product ion of corporate records for examination. (6) For purposes of this section, 'shareholder' includes a beneficial owner whose shares are held in a voting trust or by a nominee on his behalf. Effective: January 1, 1989 History: Created 1988 Ky. Acts ch. 23, sec. 168, effective January 1, 1989.