Books and Records

Delaware State Law - Right to Inspect

Cases

Orloff v Weinstein Enterprises Inc (Del Ch 2004)

Stay issued pending appeal of an order for inspection of books and records of a subsidiary corporation
Recent amendment of DGCL § 220 presented interpretive issues

Requires books and records records defined
Exchange Act §3(a)(37)
Requires system of internal accounting controls records defined Exchange Act §3(a)(37)
Note: CEO/CFO now required to certify "internal control"

Prohibits false or misleading statements, or omissions, to accountants by directors or officers, or persons acting under their direction

Sarbanes-Oxley Act §802

Criminal penalties for destruction, alteration or falsification of records

Sarbanes-Oxley Act §1102

Criminal penalties for tampering with a record / Impeding an official proceeding

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