Legal Question in Business Law in California
preferred stock/cfg
how can i ask to see the books of a company i own preferred stock in, can i just ask in a normal letter?
i bought stock as a business start up it is not on the stock exchange. i am no longer with the company. and want to sell my stock.
2 Answers from Attorneys
Re: preferred stock/cfg
Thank you for your question. Although I do not have the immediate answer to your question, I can steer you in the direction to the answer. Aside from the Los Angeles County Law Library which will have excellent resources for you to find your own answers (and more!), you may either contact me by telephone and I may be able to find the response for you promptly, or, you may contact a corporate law colleague of mine, Michael Allan at (213) 353-1656. Good luck.
Re: preferred stock/cfg
In reply to your inquiry, let me offer the following:
A normal letter would be a good start. Under Cal.
Corporations Code Sec 1601, you, as a shareholder
have the right to inspect the accounting books, records
and minutes of proceedings of shareholders meetings,
board meetings, board committee meetings, etc., so
long as the purpose of inspection is reasonably related
to your interest as a shareholder. I think your desire
to sell your shares ought to fit that bill.
I'd recommend sending a letter that specifically cites
Corporations Code Sec 1601 as the basis for your
request. Also, send it Certified, Return Receipt
Requested.
Feel free to let me know if you have questions or
comments. Now, let me give the "de rigeur" caveat:
The foregoing information is provided as an
accommodation only, and does not constitute legal
advice or a legal opinion based on a comprehensive
review of all relevant facts and documents, nor can
provision of such information be construed as
creating an attorney-client relationship.
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