Business/Commercial
SOURCE EXPLAINERCorporate records: access carries responsibilities
The Revised Corporation Code connects recordkeeping and inspection with legitimate purpose and confidentiality.
The cited primary text was read for the provisions discussed here. This is a focused source check, not an exhaustive review of subsequent amendments, decisions or implementation directions.
What happened
The Revised Corporation Code identifies records corporations must preserve and provides inspection and financial-statement rights.
What the law/case says
Section 73 covers corporate information, transaction records, resolutions, filings and minutes, with inspection at reasonable business hours for those entitled under the provision. It retains confidentiality requirements and specifies restrictions, defenses and remedies. Section 74 separately addresses a stockholder’s or member’s written request for the most recent financial statement.
Why it matters
Inspection rights support informed participation in corporate affairs. They do not authorize unrestricted use or publication of everything obtained.
Practical takeaway
Identify the requester’s status, the documents sought and the legitimate purpose. Make the request precise and retain the response. Corporations should preserve records and assess requests against the actual provision, including confidentiality and competitor restrictions. Avoid treating either access or refusal as automatic without examining the facts.
Official source/citation
Read sections 73–74 in the official statutory text. SEC rules, the corporation’s circumstances and later decisions may affect the appropriate procedure and remedy.