{"id":4593,"date":"2014-12-16T10:00:26","date_gmt":"2014-12-16T16:00:26","guid":{"rendered":"http:\/\/injury.robertkreisman.com\/?p=4593"},"modified":"2014-12-14T18:45:00","modified_gmt":"2014-12-15T00:45:00","slug":"illinois-appellate-court-clarifies-shareholders-right-check-corporate-books-records","status":"publish","type":"post","link":"https:\/\/www.robertkreisman.com\/injury-lawyer\/illinois-appellate-court-clarifies-shareholders-right-check-corporate-books-records\/","title":{"rendered":"Illinois Appellate Court Clarifies Shareholder\u2019s Right to Check Corporate Books and Records"},"content":{"rendered":"<p>The<a href=\"http:\/\/www.ilga.gov\/legislation\/ilcs\/ilcs3.asp?ActID=2273&amp;ChapterID=65\"> Illinois Business Corporation Act<\/a>, Section 7.75, gives shareholders the right to inspect a company\u2019s records, \u201cbut only for a proper purpose.\u201d The Illinois Business Corporation Act was amended in 1984, requiring shareholders to make their demand in writing, \u201cstating with particularity the records sought to be examined and the purpose therefore.\u201d <a href=\"http:\/\/www.ilga.gov\/legislation\/ilcs\/fulltext.asp?DocName=080500050K7.75\">805 ILCS 5\/7.75.<\/a><\/p>\n<p>The plaintiffs in this case, Sunlitz Holding Co. (and three of the company\u2019s shareholders) appealed from an order that dismissed its complaint for mandamus against <a href=\"https:\/\/www.tradingblock.com\/Account\/AboutTradingBlock.aspx\">Trading Block Holdings Inc.<\/a>, which claimed that it had satisfied the \u201cproper purpose\u201d and \u201cparticularity\u201d requirements.<\/p>\n<p>The lawsuit complaint contained exhibits attaching two letters the plaintiff sent to Trading Block. In an April 1, 2013 letter, plaintiff Sunliz said it wanted to inspect the corporation\u2019s records \u201cto determine the financial condition of the company, the character of the management of the company and whether the company\u2019s financial practices were appropriate.\u201d In another letter dated May 17, 2013, the plaintiff said he was worried that the corporation was being used \u201cas a piggy bank for the insiders and the board of directors.\u201d<\/p>\n<p> <a href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/illinois-appellate-court-clarifies-shareholders-right-check-corporate-books-records\/#more-4593\" class=\"more-link\">Continue reading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Illinois Business Corporation Act, Section 7.75, gives shareholders the right to inspect a company\u2019s records, \u201cbut only for a proper purpose.\u201d The Illinois Business Corporation Act was amended in 1984, requiring shareholders to make their demand in writing, \u201cstating with particularity the records sought to be examined and the purpose therefore.\u201d 805 ILCS 5\/7.75. [&hellip;]<\/p>\n","protected":false},"author":795,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[49,134,133,83,22],"tags":[],"class_list":["post-4593","post","type-post","status-publish","format-standard","hentry","category-business-litigation","category-commercial-litigation","category-contract-litigation","category-corporate-law","category-illinois-civil-procedure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Illinois Appellate Court Clarifies Shareholder\u2019s Right to Check Corporate Books and Records &#8212; Chicago Injury Lawyer Blog<\/title>\n<meta name=\"description\" content=\"The Illinois Business Corporation Act, Section 7.75, gives shareholders the right to inspect a company\u2019s records, \u201cbut only for a proper purpose.\u201d The\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/illinois-appellate-court-clarifies-shareholders-right-check-corporate-books-records\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Illinois Appellate Court Clarifies Shareholder\u2019s Right to Check Corporate Books and Records &#8212; Chicago Injury Lawyer Blog\" \/>\n<meta name=\"twitter:description\" content=\"The Illinois Business Corporation Act, Section 7.75, gives shareholders the right to inspect a company\u2019s records, \u201cbut only for a proper purpose.\u201d The\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robert Kreisman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Illinois Appellate Court Clarifies Shareholder\u2019s Right to Check Corporate Books and Records &#8212; 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