(805 ILCS 105/107.75) (from Ch. 32, par. 107.75)
Sec. 107.75. Books and records.
(a) Each corporation shall
keep correct and complete books and records of account and
shall also keep minutes of the proceedings of its members,
board of directors and committees having any of the
authority of the board of directors; and shall keep at its
registered office or principal office a record giving the
names and addresses of its members entitled to vote. Any voting member 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 and minutes, and to make extracts therefrom, but only for a proper purpose. In order to exercise this right, a voting member must make written demand upon the corporation, stating with particularity the records sought to be examined and the purpose therefor.
If the corporation refuses examination, the voting member 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 voting member seeks to examine books or records of account the burden of proof is upon the voting member to establish a proper purpose. If the purpose is to examine minutes, the burden of proof is upon the corporation to establish that the voting member does not have a proper purpose.
(b) A residential cooperative not-for-profit corporation containing 50 or
more single family units
with individual unit legal descriptions based upon a recorded plat of a
subdivision
and located in a county with a population between
780,000 and 3,000,000 shall keep an accurate and complete account of all
transfers of membership and shall, on a quarterly basis, record all transfers
of membership with the county clerk of the county in which the residential
cooperative is located. Additionally, a list of all transfers of membership
shall be available for inspection by any member of the corporation.
(Source: P.A. 96-649, eff. 1-1-10.)
|