Sec. 33-951. Financial statements for shareholders.
Sec. 33-951. Financial statements for shareholders. (a) A corporation, except a
corporation required by law to file financial reports with the Banking Commissioner,
the Insurance Commissioner or the Department of Public Utility Control, shall furnish
its shareholders annual financial statements, which may be consolidated or combined
statements of the corporation and one or more of its subsidiaries, as appropriate, that
include a balance sheet as of the end of the fiscal year, an income statement for that year,
and a statement of changes in shareholders' equity for the year unless that information
appears elsewhere in the financial statements. If financial statements are prepared for
the corporation on the basis of generally accepted accounting principles, the annual
financial statements must also be prepared on that basis.
(b) If the annual financial statements are reported upon by a public accountant, his
report must accompany them. If not, the statements must be accompanied by a statement
of the president or the person responsible for the corporation's accounting records:
(1) Stating his reasonable belief whether the statements were prepared on the basis of
generally accepted accounting principles and, if not, describing the basis of preparation;
and (2) describing any respects in which the statements were not prepared on a basis of
accounting consistent with the statements prepared for the preceding year.
(c) Such corporation shall mail the annual financial statements to each shareholder
within one hundred twenty days after the close of each fiscal year. Thereafter, on written
request from a shareholder who was not mailed the statements, the corporation shall
mail him the latest financial statements.
(P.A. 94-186, S. 202, 215; P.A. 03-84, S. 22.)
History: P.A. 94-186 effective January 1, 1997; P.A. 03-84 changed "Commissioner of Banking" to "Banking Commissioner" in Subsec. (a), effective June 3, 2003.
Annotation to former section 33-56:
The necessary account books may be kept in any place in which the corporation lawfully does business. 35 C. 36.
Annotations to former section 33-307:
Subsec. (a):
Cited. 189 C. 401.