N.Y. Not-for-Profit Corporation Law § 621: Books and records; right of inspection; prima facie evidence

§ 621. Books and records; right of inspection; prima facie evidence.

(a) Except as otherwise provided herein, every corporation shall keep,

at the office of the corporation, correct and complete books and records

of account and minutes of the proceedings of its members, board and

executive committee, if any, and shall keep at such office or at the

office of its transfer agent or registrar in this state, a list or

record containing the names and addresses of all members, the class or

classes of membership or capital certificates and the number of capital

certificates held by each and the dates when they respectively became

the holders of record thereof. A corporation may keep its books and

records of account in an office of the corporation without the state, as

specified in its certificate of incorporation. Any of the foregoing

books, minutes and records may be in written form or in any other form

capable of being converted into written form within a reasonable time.

(b) Any person who shall have been a member of record of a corporation

for at least six months immediately preceding his demand, or any person

holding, or thereunto authorized in writing by the holders of, at least

five percent of any class of the outstanding capital certificates, upon

at least five days written demand shall have the right to examine in

person or by agent or attorney, during usual business hours, its minutes

of the proceedings of its members and list or record of members and to

make extracts therefrom.

(c) An inspection authorized by paragraph (b) may be denied to such

member or other person upon his refusal to furnish to the corporation,

its transfer agent or registrar an affidavit that such inspection is not

desired and will not be used for a purpose which is in the interest of a

business or object other than the business of the corporation and that

he has not within five years given, sold or offered for sale any list or

record of members of any domestic or foreign corporation or aided or

abetted, or attempted or offered to aid or abet, any person in procuring

any such list or record of members for any such purpose.

(d) Upon refusal by the corporation or by an officer or agent of the

corporation to permit an inspection of the minutes of the proceedings of

its members or of the list or record of members, as herein provided, the

person making the demand for inspection may apply to the supreme court

in the judicial district where the office of the corporation is located,

upon such notice as the court may direct, for an order directing the

corporation, its officer or agent to show cause why an order should not

be granted permitting such inspection by the applicant. Upon the return

day of the order to show cause, the court shall hear the parties

summarily, by affidavit or otherwise, and if it appears that the

applicant is qualified and entitled to such inspection, the court shall

grant an order compelling such inspection and awarding such further

relief as to the court may seem just and proper.

(e) Upon the written request of any person who shall have been a

member of record for at least six months immediately preceding his

request, or of any person holding, or thereunto authorized in writing by

the holders of, at least five percent of any class of the outstanding

capital certificates, the corporation shall provide to such member an

annual balance sheet and profit and loss statement or a financial

statement performing a similar function for the preceding fiscal year,

and, if any interim balance sheet or profit and loss or similar

financial statement has been distributed to its members or otherwise

made available to the public, the most recent such interim balance sheet

or profit and loss or similar financial statement. The corporation shall

be allowed a reasonable time to prepare such annual balance sheet and

profit and loss or similar financial statement.

(e-1) In addition to those documents described in paragraph (e) of

this section, members of a homeowners association incorporated pursuant

to the provisions of this chapter shall also be entitled to review, upon

request to the homeowners association's governing board, invoices,

ledgers, bank accounts, reconciliations, contracts, and any documents

related to the expenditure of homeowners association dues.

(f) Nothing herein contained shall impair the power of courts to

compel the production for examination of the books and records of a

corporation.

(g) The books and records specified in paragraph (a) shall be prima

facie evidence of the facts therein stated in favor of the plaintiff in

any action or special proceeding against such corporation or any of its

officers, directors or members.

(h) Nothing in this chapter shall require an employee organization

certified or recognized for any collective negotiating unit of an

employer pursuant to article fourteen of the civil service law to

disclose the home address of any member or former member of such

organization.