                                 CODE OF VIRGINIA

INSPECTION OF RECORDS BY MEMBERS (§ 13.1-933)

A. Subject to subsection C of &#xA7; 13.1-934, a member of a corporation is
entitled to inspect and copy, during regular business hours at the
corporation&#8217;s principal office, any of the records of the corporation
described in subsection E of &#xA7; 13.1-932 if he gives the corporation written
notice of his demand at least five business days before the date on which he
wishes to inspect and copy.

B. A member of a 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 member meets the requirements of
subsection C and gives the corporation written notice of his demand at least
five business days before the date on which he wishes to inspect and copy:

   1. Excerpts from minutes of any meeting of the board of directors, records of
   any action of a committee of the board of directors while acting in place of
   the board of directors on behalf of the corporation, minutes of any meeting of
   the members, and records of action taken by the members or board of directors
   without a meeting, to the extent not subject to inspection under subsection A;

   2. Accounting records of the corporation; and

   3. The record of members.

C. A member may inspect and copy the records identified in subsection B only if:

   1. He has been a member of record for at least six months immediately
   preceding his demand;

   2. His demand is made in good faith and for a proper purpose;

   3. He describes with reasonable particularity his purpose and the records that
   he desires to inspect; and

   4. The records are directly connected with his purpose.

D. The right of inspection granted by this section may not be abolished or
limited by a corporation&#8217;s articles of incorporation or bylaws.

E. This section does not affect:

   1. The right of a member to inspect records if the member is in litigation
   with the corporation, to the same extent as any other litigant; or

   2. The power of a court, independently of this Act, to compel the production
   of corporate records for examination.

HISTORY: 1985, c. 522; 2007, c. 925.