(a) Except as providedin the articles of incorporation or bylaws of a charitable or religiouscorporation, a corporation upon written demand from a member shall furnish thatmember its latest annual financial statements, if any, which may beconsolidated or combined statements of the corporation and one or more of itssubsidiaries or affiliates, as appropriate, that include a balance sheet as ofthe end of the fiscal year and statement of operations for that year. Iffinancial statements are prepared for the corporation on the basis of generallyaccepted accounting principles, the annual financial statements shall also beprepared on that basis.
(b) If annual financialstatements are reported upon by a public accountant, the accountant's reportshall accompany them. If not, the statements must be accompanied by thestatement of the president or the person responsible for the corporation'sfinancial accounting records:
(1) Stating the president'sor other person's reasonable belief as to whether the statements were preparedon the basis of generally accepted accounting principles and, if not,describing the basis of preparation; and
(2) Describing anyrespects in which the statements were not prepared on a basis of accountingconsistent with the statements prepared for the preceding year. (1993,c. 398, s. 1.)
(a) Except as providedin the articles of incorporation or bylaws of a charitable or religiouscorporation, a corporation upon written demand from a member shall furnish thatmember its latest annual financial statements, if any, which may beconsolidated or combined statements of the corporation and one or more of itssubsidiaries or affiliates, as appropriate, that include a balance sheet as ofthe end of the fiscal year and statement of operations for that year. Iffinancial statements are prepared for the corporation on the basis of generallyaccepted accounting principles, the annual financial statements shall also beprepared on that basis.
(b) If annual financialstatements are reported upon by a public accountant, the accountant's reportshall accompany them. If not, the statements must be accompanied by thestatement of the president or the person responsible for the corporation'sfinancial accounting records:
(1) Stating the president'sor other person's reasonable belief as to whether the statements were preparedon the basis of generally accepted accounting principles and, if not,describing the basis of preparation; and
(2) Describing anyrespects in which the statements were not prepared on a basis of accountingconsistent with the statements prepared for the preceding year. (1993,c. 398, s. 1.)
(a) Except as providedin the articles of incorporation or bylaws of a charitable or religiouscorporation, a corporation upon written demand from a member shall furnish thatmember its latest annual financial statements, if any, which may beconsolidated or combined statements of the corporation and one or more of itssubsidiaries or affiliates, as appropriate, that include a balance sheet as ofthe end of the fiscal year and statement of operations for that year. Iffinancial statements are prepared for the corporation on the basis of generallyaccepted accounting principles, the annual financial statements shall also beprepared on that basis.
(b) If annual financialstatements are reported upon by a public accountant, the accountant's reportshall accompany them. If not, the statements must be accompanied by thestatement of the president or the person responsible for the corporation'sfinancial accounting records:
(1) Stating the president'sor other person's reasonable belief as to whether the statements were preparedon the basis of generally accepted accounting principles and, if not,describing the basis of preparation; and
(2) Describing anyrespects in which the statements were not prepared on a basis of accountingconsistent with the statements prepared for the preceding year. (1993,c. 398, s. 1.)
