§ 55A-16-02. Inspection of records by members. - North Carolina Statutes

§55A‑16‑02.  Inspection of records by members.

(a)        A member isentitled to inspect and copy, at a reasonable time and location specified bythe corporation, any of the records of the corporation described in G.S. 55A‑16‑01(e)if the member gives the corporation written notice of his demand at least fivebusiness days before the date on which the member wishes to inspect and copy.

(b)        A member isentitled to inspect and copy, at a reasonable time and reasonable locationspecified by the corporation, any of the following records of the corporationif the member meets the requirements of subsection (c) of this section andgives the corporation written notice of his demand at least five business daysbefore the date on which the member wishes to inspect and copy:

(1)        Excerpts from anyrecords required to be maintained under G.S. 55A‑16‑01(a), to theextent not subject to inspection under G.S. 55A‑16‑02(a);

(2)        Accounting recordsof the corporation; and

(3)        Subject to G.S. 55A‑16‑05,the membership list.

(c)        A member mayinspect and copy the records identified in subsection (b) of this section onlyif:

(1)        The member's demandis made in good faith and for a proper purpose;

(2)        The member describeswith reasonable particularity the purpose and the records the member desires toinspect; and

(3)        The records aredirectly connected with this purpose.

(d)        This section doesnot affect:

(1)        The right of amember to inspect records under G.S. 55A‑7‑20 or, if the member isin litigation with the corporation, to inspect the records to the same extentas any other litigant; or

(2)        The power of acourt, independently of this Chapter, to compel the production of corporaterecords for examination.

(e)        A member of acorporation that has the power to elect, appoint, or designate a majority ofthe directors of another domestic or foreign corporation, whether nonprofit orbusiness, shall have inspection rights with respect to the records of thatother corporation. (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s.31; 1993, c. 398, s. 1.)