Free Minute Book Rights of Inspection

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Minute Book Rights of Inspection

Minute Book Rights of Inspection


Minute Book Rights of Inspection

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Virginia

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Your Minute Book Rights of Inspection

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MINUTE BOOK RIGHTS OF INSPECTION

Inspection by the Public

With at least 5 days notice and where the Corporation is not unduly disrupted, the general public may request to inspect with proper purpose the following without restriction:

  • Notice of Directors
  • Notice of Change of Director
  • Securities Register

Inspection by Creditors

A creditor may request to inspect during regular business hours with proper purpose and without restriction:

  • All of the above
  • Certificate of Incorporation, Continuance and Amalgamation
  • Articles of Incorporation and any amendments
  • Bylaws and any amendments
  • Annual Reports

Inspection by Shareholder

A Shareholder may request to inspect during regular business hours with proper purpose and without cost or restriction:

  • All of the above
  • Unanimous Shareholder Agreement and any amendments
  • Financial Statements, Auditor's Reports and any financial information required by Articles, Bylaws or Statute
  • Disclosure Register

Inspection by Director

A Director may request to inspect at any reasonable time with proper purpose and without cost or restriction:

  • All of the above
  • Physical properties or assets
  • Records of any subsidiary
  • Corporate Records and Books of Account
  • Directors' Minutes and Resolutions

Notes and Comments on Inspection Rights

  1. In all cases, the inspection rights afforded will apply also to the designated representative of the party, including but not limited to accountants, agents and attorneys of the Party, where the designated representative is accompanied by the Party at all times and where reasonable. All information obtained by the Party and the Party's designated representative will be kept confidential and not used for any other purpose other than the stated proper purpose.
  2. In all cases, the inspection rights afforded will include the right to copy and make extracts.
  3. In all cases, the inspection rights will be withheld where allowed by law and where the information is to be used against the Corporation or in any manner detrimental to the Corporation.
  4. In the case of Public Rights of Inspection or Creditor Rights of Inspection, the Corporation reserves the right to charge a reasonable administrative fee to prepare the requested documentation.
  5. In the case of Public Rights of Inspection, Creditor Rights of Inspection and Shareholder Rights of Inspection, the inspection rights will be exclusive of:
    1. any trade secrets;
    2. information maintained as confidential by law or by third party agreement; and
    3. any other information that in the good faith belief of the Directors or the Officers of the Corporation is not in the best interest of the Corporation to release.
  6. Where a Director has a conflict of interest relating to a specific matter and the information sought relates to that conflict, the inspection right will be withheld.
  7. The inspection rights are expanded as required by any applicable legislation.

Minute Book Rights of Inspection Information

Alternate Names:

A Minute Book Rights of Inspection form can also be known as a/an:

  • Rights of Inspection Form
  • Shareholder Inspection Rights
  • Inspection Rights for Corporate Shareholders
  • Inspection of Company Records

What is a Minute Book Rights of Inspection form?

A rights of inspection form determines which corporate documents may be viewed and/or copied by parties such as the corporation's directors and shareholders, creditors, and the general public. The rights of inspection form outlines specifics about how and when access to corporate information would be granted and by who, and would generally be found in a corporation's minute book.

A minute book is a compilation of corporate documents that are stored in one place for organizational purposes and easy access for those who need to view these documents.

Does the Minute Book Rights of Inspection form need to be signed?

The Minute Book Rights of Inspection form itself does not need to be signed, but the corporate minute book that it is stored in will typically be signed by directors and others as needed.

Who can inspect corporate information?

Shareholders, creditors, company directors, the general public (usually with the most restrictions), or any governing person (such as a chief executive officer or corporate secretary) in a corporation can generally inspect company information, but depending on which party it is, they may only have access to certain documents and only in certain circumstances.

It is important to note that US public companies must file quarterly reports with the Securities and Exchange Commission, and those filed reports are available to both shareholders and the market (i.e. the general public). A private company does not have to make its financial statements available to the public.

However, the public has a right to know who is behind any given corporation so private corporations are obliged to make the following minimum information available to the public:

  • Notice of directors
  • Notice of change of a director
  • Securities register (a record of the ownership, equities and interests in a corporation, including shares of stock, bank bonds, options and warrants together with details of the ownership of those securities)

What information can a director request?

In most jurisdictions, the directors of a corporation have statutory rights of access to all of that corporation's documents, including financial records, annual reports, and directors' resolutions and minutes. The minute book serves to confirm these rights of inspection.

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