(1) A member is entitled to inspect and copy, during regular business hours at the nonprofit corporation's principal office, any of the records of the nonprofit corporation described in section 7-136-101 (5) if the member gives the nonprofit corporation written demand at least five business days before the date on which the member wishes to inspect and copy such records.
Pursuant to subsection (5) of this section, a member is entitled to inspect and copy,during regular business hours at a reasonable location stated by the nonprofit corporation, any of the other records of the nonprofit corporation if the member meets the requirements of subsection (3) of this section and gives the nonprofit corporation written demand at least five business days before the date on which the member wishes to inspect and copy such records.
A member may inspect and copy the records described in subsection (2) of this section only if:
The member has been a member for at least three months immediately preceding thedemand to inspect or copy or is a member holding at least five percent of the voting power as of the date the demand is made;
The demand is made in good faith and for a proper purpose;
The member describes with reasonable particularity the purpose and the records themember desires to inspect; and
The records are directly connected with the described purpose.
(4) For purposes of this section:
"Member" includes a beneficial owner whose membership interest is held in a votingtrust and any other beneficial owner of a membership interest who establishes beneficial ownership.
"Proper purpose" means a purpose reasonably related to the demanding member'sinterest as a member.
The right of inspection granted by this section may not be abolished or limited by thearticles of incorporation or bylaws.
This section does not affect:
The right of a member to inspect records under section 7-127-201;
The right of a member to inspect records to the same extent as any other litigant ifthe member is in litigation with the nonprofit corporation; or
The power of a court, independent of articles 121 to 137 of this title, to compel theproduction of corporate records for examination.
Source: L. 97: Entire article added, p. 743, § 3, effective July 1, 1998. L. 2003: (2) amended, p. 2351, § 334, effective July 1, 2004.