Colorado § 7-56-307 Inspection of cooperative records by member

Colorado Statutes

§ 7-56-307 — Inspection of cooperative records by member

Colorado·Title 07 Corporations·Art. Cooperatives

(1)A member is entitled to inspect and copy, at the member's expense, during regular business hours at a reasonable location stated by the cooperative, any of the records described in section 7-56-107 (4) if the member meets the requirements of subsection (2) of this section and gives the cooperative written demand at least five business days before the date on which the member wishes to inspect and copy such records. Notwithstanding the provisions of this subsection (1) or any provisions of section 7-56-107 (4), no member shall have the right to inspect or copy any records of the cooperative relating to the amount of equity capital in the cooperative held by any person or any accounts receivable or other amounts due the cooperative from any person.

(2)To be entitled to inspec

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A member is
entitled to inspect and copy, at the member's expense, during regular business
hours at a reasonable location stated by the cooperative, any of the records
described in section 7-56-107 (4) if the member meets the requirements of
subsection (2) of this section and gives the cooperative written demand at least five
business days before the date on which the member wishes to inspect and copy
such records. Notwithstanding the provisions of this subsection (1) or any provisions
of section 7-56-107 (4), no member shall have the right to inspect or copy any
records of the cooperative relating to the amount of equity capital in the
cooperative held by any person or any accounts receivable or other amounts due
the cooperative from any person.

(2) To be entitled to inspect and copy permitted records, the member shall
meet the following requirements:

(a) The member has been a member for at least one year immediately
preceding the demand to inspect or copy or is a member holding at least five
percent of all of the outstanding equity interests in the cooperative as of the date
the demand is made;

(b) The demand is made in good faith and for a proper corporate business
purpose;

(c) The member describes with reasonable particularity the purpose and the
records the member desires to inspect; and

(d) The records are directly connected with the described purpose.

(3) The right of inspection granted by this section may not be abolished or
limited by the articles, bylaws, or any actions of the board or the members.

(4) This section does not affect:

(a) The right of a member to inspect records to the same extent as any other
litigant if the member is in litigation with the cooperative; or

(b) The power of a court to compel the production of the cooperative's
records for examination.

(5) Notwithstanding any other provision in this section, if the records of the
cooperative to be inspected or copied are in active use or storage and, therefore,
not available at the time otherwise provided for inspection or copying, the
cooperative shall notify the member of this fact and shall set a date and hour within
three business days of the date otherwise set in this section for the inspection or
copying.

(6) This section shall not apply to section 7-56-303.

Colorado § 7-56-307 (Inspection of cooperative records by member) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.