805 ILCS 5/7.75
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 7 - Shareholders

 (from Ch. 32, par. 7.75)Sec. 7.75.     Corporate records - Examination by shareholders.     (a)  Each corporation shall keep correct and complete books and records of  account and shall also keep minutes of the proceedings of its  shareholders and board of directors and committees thereof; and shall keep  at its registered  office or principal place of business in this State, or at the office of  a transfer agent or registrar in this State, a record of its  shareholders, giving the names and addresses of all shareholders and the  number and class of the shares held by each.  A record of shareholders certified by an officer or transfer agent shall  be competent evidence in all courts of this State.(b) Any person who is a shareholder of record shall have the right to  examine, in person or by agent, at any reasonable time or times, the corporation's  books and records of account, minutes,  voting trust agreements filed with the corporation and record of shareholders,  and to make extracts therefrom, but only for a proper purpose.  In order  to exercise this right, a shareholder must make written demand upon the  corporation, stating with particularity the records sought to be examined  and the purpose therefor.(c) If the corporation refuses examination, the shareholder may file suit  in the circuit court of the county in which either the registered agent  or principal office of the corporation is located to compel by mandamus  or otherwise such examination as may be proper.  If a shareholder seeks  to examine books or records of account the burden of proof is upon the shareholder  to establish a proper purpose.  If the purpose is to examine minutes or  the record of shareholders or a voting trust agreement, the burden of proof  is upon the corporation to establish that the shareholder does not have  a proper purpose.(d) Any officer, or agent, or a corporation which shall refuse to allow  any shareholder or his or her agent so to examine and make extracts from  its books and records of accounts, minutes and records  of shareholders, for any proper purpose, shall be liable to such shareholder,  in a penalty of up to ten per cent of the value of the shares owned by such  shareholder, in addition to any other damages or remedy afforded him or  her by law. It shall be a defense to any action for penalties under this Section  that the person suing therefor has within two years sold or offered for  sale any list of shareholders of such corporation or any other corporation  or has aided or abetted any person in procuring any list of shareholders for any such  purpose, or has improperly used any information secured through any prior  examination of the books and records of account, or minutes, or records of  shareholders of such corporation or any other corporation.(e) Upon the written request of any shareholder of a corporation, the  corporation shall mail to such shareholder within 14 days after  receipt of such request a balance sheet as of the close of its latest  fiscal year and a profit and loss statement for such fiscal year;  provided that if such request is received by the corporation before such  financial statements are available, the corporation shall mail such  financial statements within 14 days after they become available,  but in any event within 120 days after the close of its  latest fiscal year.    (Source: P.A. 84-924.)