ILCS » Chapter 805 · Act 5
Illinois Compiled Statutes

805 ILCS 5/7.75 (2026)

Corporate records - Examination by shareholders

✓ current as of May 2026
Find cases: SyfertCases citing this section IL-ILGAilga.gov JustiaChapter on Justia CornellLII Search CasesGoogle Scholar
(805 ILCS 5/7.75) (from Ch. 32, par. 7.75)
    Sec. 7.75. Corporate records - Examination by shareholders. (a) Each corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its shareholders and board of directors and committees thereof; and shall keep at its registered office or principal place of business in this State, or at the office of a transfer agent or registrar in this State, a record of its shareholders, giving the names and addresses of all shareholders and the number and class of the shares held by each. A record of shareholders certified by an officer or transfer agent shall be competent evidence in all courts of this State.
    (b) Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation's books and records of account, minutes, voting trust agreements filed with the corporation and record of shareholders, and to make extracts therefrom, but only for a proper purpose. In order to exercise this right, a shareholder must make written demand upon the corporation, stating with particularity the records sought to be examined and the purpose therefor.
    (c) If the corporation refuses examination, the shareholder may file suit in the circuit court of the county in which either the registered agent or principal office of the corporation is located to compel by mandamus or otherwise such examination as may be proper. If a shareholder seeks to examine books or records of account the burden of proof is upon the shareholder to establish a proper purpose. If the purpose is to examine minutes or the record of shareholders or a voting trust agreement, the burden of proof is upon the corporation to establish that the shareholder does not have a proper purpose.
    (d) Any officer, or agent, or a corporation which shall refuse to allow any shareholder or his or her agent so to examine and make extracts from its books and records of accounts, minutes and records of shareholders, for any proper purpose, shall be liable to such shareholder, in a penalty of up to ten per cent of the value of the shares owned by such shareholder, in addition to any other damages or remedy afforded him or her by law. It shall be a defense to any action for penalties under this Section that the person suing therefor has within two years sold or offered for sale any list of shareholders of such corporation or any other corporation or has aided or abetted any person in procuring any list of shareholders for any such purpose, or has improperly used any information secured through any prior examination of the books and records of account, or minutes, or records of shareholders of such corporation or any other corporation.
    (e) Upon the written request of any shareholder of a corporation, the corporation shall mail to such shareholder within 14 days after receipt of such request a balance sheet as of the close of its latest fiscal year and a profit and loss statement for such fiscal year; provided that if such request is received by the corporation before such financial statements are available, the corporation shall mail such financial statements within 14 days after they become available, but in any event within 120 days after the close of its latest fiscal year.
(Source: P.A. 84-924.)

    
Notes of Decisions
Cited in 24 cases (5 in the last 5 years), 1994–2024 · leading case: James Hess & John Hess v. Reg-Ellen Mach. Tool Corp. & Reg Ellen Mach. Tool Corp. Emp. Stock Ownership Plan, 423 F.3d 653 (7th Cir. 2005).
Sort: Relevance Newest Treatment
James Hess & John Hess v. Reg-Ellen Mach. Tool Corp. & Reg Ellen Mach. Tool Corp. Emp. Stock Ownership Plan, 423 F.3d 653 (7th Cir. 2005). · cites it 3× “See 805 ILCS 5/7.75 (requiring corporations to allow *656 shareholders to examine corporate books and records for a proper purpose).”
Hagen v. Distributed Solutions, Inc., 764 N.E.2d 1141 (Ill. App. Ct. 2002). · cites it 6× “75 of the Business Corporation Act of 1983 (805 ILCS 5/7.75 (West 1992)) (the Act). Plaintiff reiterated his request, made during the special shareholder’s meeting, to review the corporate books and records.”
Corwin v. Abbott Labs., 819 N.E.2d 1249 (Ill. App. Ct. 2004). · cites it 4× “75 of the Business Corporation Act of 1983 (Act) (805 ILCS 5/7.75 (West 2002)). The trial court denied Abbott’s motions to dismiss and for summary judgment.”
Elleby v. Forest Alarm Serv., Inc., 2020 IL App (1st) 191597 (Ill. App. Ct. 2021). · cites it 4× “75 of the Act (805 ILCS 5/7.75 (West 2018)), which states as follows: “(b) Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation’s books and records of account, minutes, voting trust…”
Sunlitz Holding Co. v. Trading Block Holdings, Inc., 2014 IL App (1st) 133938 (Ill. App. Ct. 2014). · cites it 5× “75 of the Business Corporation Act of 1983 (the Act) (805 ILCS 5/7.75 (West 2012)). Plaintiffs filed a complaint seeking a writ of mandamus compelling defendants Trading Block and Stephen Hoffman, the chief executive officer of Trading Block (collectively, defendants), to allow…”
Tufo v. Tufo, 2021 IL App (1st) 192521 (Ill. App. Ct. 2021). “75 of the Business Corporation Act of 1983 (Act) (805 ILCS 5/7.75 (West 2014)). In count II, plaintiff asked the court to set aside the improper actions that defendant took as Discount Fence’s president, remove defendant as a director of Discount Fence, and appoint plaintiff as…”
Semande v. Estes, 871 N.E.2d 268 (Ill. App. Ct. 2007). · cites it 2× “2004)), while shareholders may only examine corporate books for a "proper purpose" (805 ILCS 5/7.75(c) (West 2006)). Thus, directors have the ability to determine the financial condition of the corporation and do not need the equitable protection afforded to third party…”
ICD Publications, Inc. v. Gittlitz, 2014 IL App (1st) 133277 (Ill. App. Ct. 2015). “” 805 ILCS 5/7.75(b) (West 2012). “A proper purpose is shown when a shareholder has an honest motive, is acting in good faith, and seeks to protect the interest of the corporation.”
West Shore Assocs., Ltd. v. Am. Wilbert Vault Corp., 645 N.E.2d 494 (Ill. App. Ct. 1994). · cites it 2× “(805 ILCS 5/7.75 (West 1992); Logal v. Inland Steel Industries, Inc.”
Marks v. CDW Comput. Centers, Inc., 901 F. Supp. 1302 (N.D. Ill. 1995). · cites it 2× “805 ILCS 5/7.75 (West 1992). Illinois provides that any corporation or officer who wrongfully refuses to allow a shareholder to examine its records “shall be liable to such shareholder, in a penalty of up to ten percent of the value of the shares owned by such shareholder, in…”
Munroe-Diamond v. Munroe, 2019 IL App (1st) 172966 (Ill. App. Ct. 2019). · cites it 4× “” 805 ILCS 5/7.75 (West 2016); see ICD Publications, Inc.”
Sunlitz Holding Co. v. Trading Block Holdings, Inc., 2014 IL App (1st) 133938 (Ill. App. Ct. 2014). · cites it 6× “75 of the Business Corporation Act of 1983 (the Act) (805 ILCS 5/7.75 (West 2012)). Plaintiffs filed a complaint seeking a writ of mandamus compelling defendants Trading Block and Stephen Hoffman, the chief executive officer of Trading Block (collectively, defendants), to allow…”
Show all 24 citing cases →
— 805 ILCS 5/7.75(b) — 14 cases
James Hess & John Hess v. Reg-Ellen Mach. Tool Corp. & Reg Ellen Mach. Tool Corp. Emp. Stock Ownership Plan, 423 F.3d 653 (7th Cir. 2005). “See 805 ILCS 5/7.75 (requiring corporations to allow *656 shareholders to examine corporate books and records for a proper purpose).”
Hagen v. Distributed Solutions, Inc., 764 N.E.2d 1141 (Ill. App. Ct. 2002). “75 of the Business Corporation Act of 1983 (805 ILCS 5/7.75 (West 1992)) (the Act). Plaintiff reiterated his request, made during the special shareholder’s meeting, to review the corporate books and records.”
Corwin v. Abbott Labs., 819 N.E.2d 1249 (Ill. App. Ct. 2004). “75 of the Business Corporation Act of 1983 (Act) (805 ILCS 5/7.75 (West 2002)). The trial court denied Abbott’s motions to dismiss and for summary judgment.”
ICD Publications, Inc. v. Gittlitz, 2014 IL App (1st) 133277 (Ill. App. Ct. 2015). “” 805 ILCS 5/7.75(b) (West 2012). “A proper purpose is shown when a shareholder has an honest motive, is acting in good faith, and seeks to protect the interest of the corporation.”
Elleby v. Forest Alarm Serv., Inc., 2020 IL App (1st) 191597 (Ill. App. Ct. 2021). “75 of the Act (805 ILCS 5/7.75 (West 2018)), which states as follows: “(b) Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation’s books and records of account, minutes, voting trust…”
— 805 ILCS 5/7.75(c) — 5 cases
Semande v. Estes, 871 N.E.2d 268 (Ill. App. Ct. 2007). “2004)), while shareholders may only examine corporate books for a "proper purpose" (805 ILCS 5/7.75(c) (West 2006)). Thus, directors have the ability to determine the financial condition of the corporation and do not need the equitable protection afforded to third party…”
Sunlitz Holding Co. v. Trading Block Holdings, Inc., 2014 IL App (1st) 133938 (Ill. App. Ct. 2014). “75 of the Business Corporation Act of 1983 (the Act) (805 ILCS 5/7.75 (West 2012)). Plaintiffs filed a complaint seeking a writ of mandamus compelling defendants Trading Block and Stephen Hoffman, the chief executive officer of Trading Block (collectively, defendants), to allow…”
Gerace v. Andrews, 227 F. Supp. 3d 946 (N.D. Ill. 2016).
Sunlitz Holding Co. v. Trading Block Holdings, Inc., 2014 IL App (1st) 133938 (Ill. App. Ct. 2014). “75 of the Business Corporation Act of 1983 (the Act) (805 ILCS 5/7.75 (West 2012)). Plaintiffs filed a complaint seeking a writ of mandamus compelling defendants Trading Block and Stephen Hoffman, the chief executive officer of Trading Block (collectively, defendants), to allow…”
Semande v. Estes (Ill. App. Ct. 2007).
— 805 ILCS 5/7.75(d) — 5 cases
Hagen v. Distributed Solutions, Inc., 764 N.E.2d 1141 (Ill. App. Ct. 2002). “75 of the Business Corporation Act of 1983 (805 ILCS 5/7.75 (West 1992)) (the Act). Plaintiff reiterated his request, made during the special shareholder’s meeting, to review the corporate books and records.”
Elleby v. Forest Alarm Serv., Inc., 2020 IL App (1st) 191597 (Ill. App. Ct. 2021). “75 of the Act (805 ILCS 5/7.75 (West 2018)), which states as follows: “(b) Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation’s books and records of account, minutes, voting trust…”
West Shore Assocs., Ltd. v. Am. Wilbert Vault Corp., 645 N.E.2d 494 (Ill. App. Ct. 1994). “(805 ILCS 5/7.75 (West 1992); Logal v. Inland Steel Industries, Inc.”
Marks v. CDW Comput. Centers, Inc., 901 F. Supp. 1302 (N.D. Ill. 1995). “805 ILCS 5/7.75 (West 1992). Illinois provides that any corporation or officer who wrongfully refuses to allow a shareholder to examine its records “shall be liable to such shareholder, in a penalty of up to ten percent of the value of the shares owned by such shareholder, in…”
Hagen v. Distributed Solutions, Inc. (Ill. App. Ct. 2002).
— 805 ILCS 5/7.75(e) — 1 case
Scarabello v. Reichle, 856 F. Supp. 404 (N.D. Ill. 1994).
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.