Dedication, and Professionalism
on Your Side
There are various sections contained in Florida Statute 607 that provide mechanisms for a shareholder or director to request, view and copy corporate records. One such method is set forth in Florida Statute 607.1602. This statute describes the procedure that a shareholder of a Florida corporation must follow in order to request inspection of the below described records, and if the records are obtained, what the records can be used for.
Florida State 607.1602 establishes the rights of a shareholder to inspect and copy certain books and records of a Florida corporation. According to Section 607.1602(1) a shareholder of a corporation is entitled to inspect and copy, during regular business hours at the corporation’s principal office, any of the records of the corporation described in s. 607.1601(5) if the shareholder gives the corporation written notice of his or her demand at least five business days before the date on which he or she wishes to inspect and copy.
Florida Statute 607.1602(2) provides that a shareholder of a Florida corporation is entitled to inspect and copy, during regular business hours at a reasonable location specified by the corporation, any of the following records of the corporation if the shareholder meets the requirements of subsection (3) and gives the corporation written notice of his or her demand at least five business days before the date on which he or she wishes to inspect and copy:
However, Florida Statute 607.1602(3) does place certain restrictions on the rights of a shareholder to inspect and copies the records described in subsection (2). They may only be inspected if:
Section (5) provides that the provision of this statute do not affect:
However, a corporation may deny any demand for inspection made pursuant to subsection (2) if the demand was made for an improper purpose, or if the demanding shareholder has within two years preceding his or her demand sold or offered for sale any list of shareholders of the corporation or any other corporation, has aided or abetted any person in procuring any list of shareholders for any such purpose, or has improperly used any information secured through any prior examination of the records of the corporation or any other corporation.
For those records obtained by a shareholder pursuant to this section, the shareholder may not sell or otherwise distribute any information or records inspected under this section, except to the extent that such use is for a proper purpose as defined in subsection (3). Any person who violates this provision shall be subject to a civil penalty of $5,000.
If corporate records are requested in accordance with the terms and conditions of this section and the corporate refuses the request either in part or in whole, the aggrieved shareholder then may file a court action to compel production.Contact Us
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of elder abuse, exploitation and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.