Sec. 33-951. Financial statements for shareholders. - Connecticut Statutes

      Sec. 33-951. Financial statements for shareholders. (a) A corporation, except a corporation required by law to file financial reports with the Banking Commissioner, the Insurance Commissioner or the Department of Public Utility Control, shall furnish its shareholders annual financial statements, which may be consolidated or combined statements of the corporation and one or more of its subsidiaries, as appropriate, that include a balance sheet as of the end of the fiscal year, an income statement for that year, and a statement of changes in shareholders' equity for the year unless that information appears elsewhere in the financial statements. If financial statements are prepared for the corporation on the basis of generally accepted accounting principles, the annual financial statements must also be prepared on that basis.

      (b) If the annual financial statements are reported upon by a public accountant, his report must accompany them. If not, the statements must be accompanied by a statement of the president or the person responsible for the corporation's accounting records: (1) Stating his reasonable belief whether the statements were prepared on the basis of generally accepted accounting principles and, if not, describing the basis of preparation; and (2) describing any respects in which the statements were not prepared on a basis of accounting consistent with the statements prepared for the preceding year.

      (c) Such corporation shall mail the annual financial statements to each shareholder within one hundred twenty days after the close of each fiscal year. Thereafter, on written request from a shareholder who was not mailed the statements, the corporation shall mail him the latest financial statements.

      (P.A. 94-186, S. 202, 215; P.A. 03-84, S. 22.)

      History: P.A. 94-186 effective January 1, 1997; P.A. 03-84 changed "Commissioner of Banking" to "Banking Commissioner" in Subsec. (a), effective June 3, 2003.

      Annotation to former section 33-56:

      The necessary account books may be kept in any place in which the corporation lawfully does business. 35 C. 36.

      Annotations to former section 33-307:

      Subsec. (a):

      Cited. 189 C. 401.