—Out in the Open
“New York's Business Corporation Law Section 624 provides that the board of a corporation must allow its shareholders to examine the minutes of its shareholder meetings, a list of the shareholders and to provide them with an annual balance sheet and statement of profit and loss for the corporation. When presented with such questions, courts in the state of New York have consistently held that shareholders’ rights to review corporate documentation are limited to the annual financial statements of the corporation and the minutes of the annual shareholders' meeting.
“Notwithstanding the limited provisions of the BCL, the majority of cooperative boards choose to provide access to, but not copies of, board meeting minutes to those shareholders who request to see them. If the shareholder's request to see a copy of the board minutes is denied, the shareholder should request the reason for the denial in writing and should share his or her experience with his or her fellow shareholders at the next meeting of the shareholders of the corporation.”