Last Updated November 14, 2023
A right of inspection form determines which corporate documents may be viewed and/or copied by parties such as the corporation's directors and shareholders, creditors, and the general public. The rights of inspection form outlines specifics about how and when access to corporate information would be granted and by whom, and would generally be found in a corporation's minute book.
A minute book is a compilation of corporate documents that are stored in one place for organizational purposes and easy access for those who need to view these documents.
A Minute Book Rights of Inspection form can also be known as a/an:
- Rights of Inspection Form
- Shareholder Inspection Rights
- Inspection Rights for Corporate Shareholders
- Inspection of Company Records
The Minute Book Rights of Inspection form itself does not need to be signed, but the corporate minute book that it is stored in will typically be signed by directors and others as needed.
Shareholders, creditors, company directors, the general public (usually with the most restrictions), or any governing person (such as a chief executive officer or corporate secretary) in a corporation can generally inspect company information, but depending on which party it is, they may only have access to certain documents and only in certain circumstances.
It is important to note that US public companies must file quarterly reports with the Securities and Exchange Commission, and those filed reports are available to both shareholders and the market (i.e. the general public). A private company does not have to make its financial statements available to the public.
However, the public has a right to know who is behind any given corporation so private corporations are obliged to make the following minimum information available to the public:
- Notice of directors
- Notice of change of a director
- Securities register (a record of the ownership, equities and interests in a corporation, including shares of stock, bank bonds, options and warrants together with details of the ownership of those securities)
In most jurisdictions, the directors of a corporation have statutory rights of access to all of that corporation's documents, including financial records, annual reports, and directors' resolutions and minutes. The minute book serves to confirm these rights of inspection.
