Question
In: Operations Management
Loraine is a shareholder of Taley Corp. She would like to inspect and copy the company's...
Loraine is a shareholder of Taley Corp. She would like to inspect and copy the company's minute book, accounting records, and shareholder lists. Under what circumstances is Loraine allowed to inspect or copy corporate records?
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Expert Solution
Loraine is allowed by law to inspect or copy corporate records but only under following two conditions/circumstances :
1. Loraine acts in good faith which means she uses those records not for any malacious or I'll-motive.
2. Loraine has a proper need or purpose to inspect records. Proper purpose would mean that she wants to study those records to make a decision on the investments and not for some other personal reasons like checking the list of shareholders for pitching them her own company or ideas.
It is possible that she may have reasons to feel that there's been mismanagement going on within the company so she can ask for records in that case as well.
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