Wisconsin Statutes 181.1602 – Inspection of records by members
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Terms Used In Wisconsin Statutes 181.1602
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(1) Records at principal office. Subject to s. 181.1603 (3), a member is entitled to inspect and copy, at a reasonable time and location specified by the corporation, any of the records of the corporation described in s. 181.1601 (5) if the member gives the corporation written notice or a written demand at least 5 business days before the date on which the member wishes to inspect and copy.
(2) Other records that may be inspected. A member is entitled to inspect and copy, at a reasonable time and reasonable location specified by the corporation, any of the following records of the corporation if the member meets the requirements of sub. (3) and gives the corporation written notice at least 5 business days before the date on which the member wishes to inspect and copy:
(a) Excerpts from any records required to be maintained under s. 181.1601 (1), to the extent not subject to inspection under sub. (1).
(b) Accounting records of the corporation.
(c) Subject to s. 181.1605, the membership list.
(3) When other records may be inspected. A member may inspect and copy the records identified in sub. (2) only if all of the following apply:
(a) The member’s demand is made in good faith and for a proper purpose.
(b) The member describes with reasonable particularity the purpose and the records the member desires to inspect.
(c) The records are directly connected with this purpose.
(4) Applicability. This section does not affect any of the following:
(a) The right of a member to inspect records under s. 181.0720 or, if the member 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 production of corporate records for examination.