California Corporations Code

§ 12591

CORP § 12591 Effective Jan 1, 2007Div. 3 · Title 1 · Part 2 · Ch. 13 · Art. 2

Statute text

(a)A corporation shall notify each member yearly of the member’s right to receive a financial report pursuant to this subdivision. Except as provided in subdivision (c), upon written request of a member, the board shall promptly cause the most recent annual report to be sent to the requesting member. An annual report shall be prepared not later than 120 days after the close of the corporation’s fiscal year. Unless otherwise provided by the articles or bylaws and if approved by the board of directors, that report and any accompanying material sent pursuant to this section may be sent by electronic transmission by the corporation (Section 20). That report shall contain in appropriate detail the following:

(1)A balance sheet as of the end of that fiscal year and an income statement and a statement of cashflows for that fiscal year.

(2)A statement of the place where the names and addresses of the current members are located.

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Legislative history

Amended by Stats. 2006, Ch. 214, Sec. 7. Effective January 1, 2007.