Corp. Code, § 12591 · Article 2. Required Records, Reports to Directors and Members
Corp. Code, § 12591
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) A corporation shall notify each member yearly of the member’s right to receive a financial report pursuant to this subdivision. Except as provided in subdivision (c), upon written request of a member, the board shall promptly cause the most recent annual report to be sent to the requesting member. An annual report shall be prepared not later than 120 days after the close of the corporation’s fiscal year. Unless otherwise provided by the articles or bylaws and if approved by the board of directors, that report and any accompanying material sent pursuant to this section may be sent by electronic transmission by the corporation (Section 20). That report shall contain in appropriate detail the following:
(1) A balance sheet as of the end of that fiscal year and an income statement and a statement of cashflows for that fiscal year.
(2) A statement of the place where the names and addresses of the current members are located.
(3) Any information required by Section 12592.
(b) The report required by subdivision (a) shall be accompanied by any report thereon of independent accountants, or, if there is no report, the certificate of an authorized officer of the corporation that the statements were prepared without audit from the books and records of the corporation.
(c) This section does not apply to corporations that do not have more than 25 members at any time during the fiscal year.
Notes and commentary — not statutory text
History
Amended by Stats. 2006, Ch. 214, Sec. 7. Effective January 1, 2007.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=12591.
- Text hash
- sha256 f5f1a4b6ab399bc9b1cd998fb7ab9180c5cfbfaa052a71da7a132e9f936b32a9
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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Corporations Code
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