Iowa Code § 504.1602

Inspection of records by members
Open in Lexace · Ask the AI about this section
1. Subject to subsection 5, a member isentitled to inspect and copy, ata reasonable time and location specified by the corporation, any of the records of the corporation described in section 504.1601, subsection 5,ifthe member gives the corporation written notice or a written demand at least five business days before the date on which the member wishes to inspect and copy. 2. Subject tosubsections 5 and 6, a member isentitled toinspect and copy, ata reasonable time and reasonable location specified by the corporation, any of the following records of the corporation ifthe member meets the requirements of subsection 3 and gives the corporation written notice at least ten business days before the date on which the member wishes to inspect and copy: a. Excerpts from any records required to be maintained under section 504.1601, subsection 1,to the extent not subject to inspection under subsection 1 of this section. b. Accounting records of the corporation. c. The membership list. 3. A member may inspect and copy the records identified in subsection 2 only ifallof the following apply: a. The member’s demand is made in good faith and for a proper purpose. b. The member describes with reasonable particularity the purpose of the demand and the records the member desires to inspect. c. The records are directly connected to the purpose described. d. The board consents, ifconsent isrequired by section 504.1605. 4. This section does not affect either of the following: a. The right of a member to inspect records under section 504.711 or,ifthe member is in litigation with the corporation, to the same extent as any other litigant. b. The power of a court, independently of this chapter, to compel the production of corporate records for examination. 5. The articles or bylaws of a religious corporation may limit or abolish the right of a member under this section to inspect and copy any corporate record. 6. A corporation may, within ten business daysafterreceiving ademand forinspectionof a membership listunder section 504.711 or subsection 2 of this section, respond tothe demand with a written proposal offering a reasonablealternative tothe demand for inspectionthat will achieve the purpose of the demand without providing access to or a copy of the membership list.A proposal offering an alternative that reasonably and ina timely manner accomplishes a proper purpose identified in a demand for inspection shall be considered tooffer a reasonable alternative. A proposal for a reasonable alternative that has been accepted by the person making the demand for inspection shall cease tobe considered a reasonable alternative ifthe terms of the proposal are not carried out by the corporation within a reasonable time after acceptance of the proposal. For the purposes ofthis subsection, a reasonable alternative may include, but is not limited to, a communication prepared by a member and mailed by the corporation at the expense of the member.

‹ Prev All Iowa sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.