Minnesota Statutes

Minn. Stat. § 302A.461 (2026)

Books And Records; Inspection

✓ current as of May 2026

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Subdivision 1.Share register; dates of issuance.

(a) A corporation shall keep at its principal executive office, or at another place or places within the United States determined by the board, a share register not more than one year old, containing the names and addresses of the shareholders and the number and classes of shares held by each shareholder.

(b) A corporation shall also keep, at its principal executive office, or at another place or places within the United States determined by the board, a record of the dates on which certificated or uncertificated shares were issued.

Subd. 2.Other documents required.

A corporation shall keep at its principal executive office or at another place or places within the United States determined by the board, and, if its principal executive office or any such other place is outside of this state, shall make available at its registered office or its principal executive office within this state within ten days after receipt by an officer of the corporation of a written demand for them made by a person described in subdivision 4, originals or copies of:

(a) records of all proceedings of shareholders for the last three years;

(b) records of all proceedings of the board for the last three years;

(d) its bylaws and all amendments currently in effect;

(e) financial statements required by section 302A.463 and the financial statement for the most recent interim period prepared in the course of the operation of the corporation for distribution to the shareholders or to a governmental agency as a matter of public record;

(f) reports made to shareholders generally within the last three years;

(g) a statement of the names and usual business addresses of its directors and principal officers;

(h) voting trust agreements described in section 302A.453;

(i) shareholder control agreements described in section 302A.457; and

(j) a copy of agreements, contracts, or other arrangements or portions of them incorporated by reference under section 302A.111, subdivision 7.

Subd. 3.Financial records.

A corporation shall keep appropriate and complete financial records.

Subd. 4.Right to inspect.

(a) A shareholder, beneficial owner, or a holder of a voting trust certificate of a corporation that is not a publicly held corporation has an absolute right, upon written demand, to examine and copy, in person or by a legal representative, at any reasonable time, and the corporation shall make available within ten days after receipt by an officer of the corporation of the written demand:

(1) the share register; and

(2) all documents referred to in subdivision 2.

(b) A shareholder, beneficial owner, or a holder of a voting trust certificate of a corporation that is not a publicly held corporation has a right, upon written demand, to examine and copy, in person or by a legal representative, other corporate records at any reasonable time only if the shareholder, beneficial owner, or holder of a voting trust certificate demonstrates a proper purpose for the examination.

(c) A shareholder, beneficial owner, or a holder of a voting trust certificate of a publicly held corporation has, upon written demand stating the purpose and acknowledged or verified in the manner provided in chapter 358, a right at any reasonable time to examine and copy the corporation's share register and other corporate records reasonably related to the stated purpose and described with reasonable particularity in the written demand upon demonstrating the stated purpose to be a proper purpose. The acknowledged or verified demand must be directed to the corporation at its registered office in this state or at its principal place of business.

(d) For purposes of this section, a "proper purpose" is one reasonably related to the person's interest as a shareholder, beneficial owner, or holder of a voting trust certificate of the corporation.

(e) If a corporation or an officer or director of the corporation violates this section, a court in Minnesota may, in an action brought by a shareholder, beneficial owner, or a holder of a voting trust certificate of the corporation, specifically enforce this section and award expenses, including attorney fees and disbursements, to the shareholder, beneficial owner, or a holder of a voting trust certificate.

Subd. 4a.Protective orders.

On application of the corporation, a court in this state may issue a protective order permitting the corporation to withhold portions of the records of proceedings of the board for a reasonable period of time, not to exceed 12 months, in order to prevent premature disclosure of confidential information which would be likely to cause competitive injury to the corporation. A protective order may be renewed for successive reasonable periods of time, each not to exceed 12 months and in total not to exceed 36 months, for good cause shown. In the event a protective order is issued, the statute of limitations for any action which the shareholder, beneficial owner, or holder of a voting trust certificate might bring as a result of information withheld automatically extends for the period of delay. If the court does not issue a protective order with respect to any portion of the records of proceedings as requested by the corporation, it shall award reasonable expenses, including attorney's fees and disbursements, to the shareholder, beneficial owner, or holder of a voting trust certificate. This subdivision does not limit the right of a court to grant other protective orders or impose other reasonable restrictions on the nature of the corporate records that may be copied or examined under subdivision 4 or the use or distribution of the records by the demanding shareholder, beneficial owner, or holder of a voting trust certificate.

Subd. 4b.Other use prohibited.

A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose. Upon application of the corporation, a court may issue a protective order or order other relief as may be necessary to enforce the provisions of this subdivision.

Subd. 5.Cost of copies.

Copies of the share register and all documents referred to in subdivision 2, if required to be furnished under this section, shall be furnished at the expense of the corporation. In all other cases, the corporation may charge the requesting party a reasonable fee to cover the expenses of providing the copy.

Subd. 6.Computerized records.

The records maintained by a corporation, including its share register, financial records, and minute books, may utilize any information storage technique, including, for example, punched holes, printed or magnetized spots, or micro-images, even though that makes them illegible visually, if the records can be converted accurately and within a reasonable time, into a form that is legible visually and whose contents are assembled by related subject matter to permit convenient use by people in the normal course of business. A corporation shall convert any of the records referred to in subdivision 4 upon the request of a person entitled to inspect them, and the expense of the conversion shall be borne by the person who bears the expense of copying pursuant to subdivision 5. A copy of the conversion is admissible in evidence, and shall be accepted for all other purposes, to the same extent as the existing or original records would be if they were legible visually.

Notes of Decisions

Cited in 16 cases (1 in the last 5 years), 1986–2024 · leading case: Bergmann v. Lee Data Corp., 467 N.W.2d 636 (Minn. Ct. App. 1991).

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Bergmann v. Lee Data Corp., 467 N.W.2d 636 (Minn. Ct. App. 1991). · cites it 36× “Gordon and Warren Simpson to allow inspection of corporate documents pursuant to Minn.Stat. § 302A.461 (1988). We affirm in part and reverse in part.”

Blohm v. Kelly, 765 N.W.2d 147 (Minn. Ct. App. 2009). · cites it 8× “See Minn.Stat. § 302A.461 (2008). The parties engaged in discovery and other pre-trial activities for approximately a year and a half.”

Bolander v. Bolander, 703 N.W.2d 529 (Minn. Ct. App. 2005). · cites it 4× “The "new evidence" that Bruce proposed to introduce was a response letter from CB&S on Bruce's request to inspect "certain documents" that a corporation is required to maintain and which a shareholder has the right to inspect under Minn.Stat. § 302A.461 (2004). In the letter,…”

Kococinski ex rel. Medtronic, Inc. v. Collins, 935 F. Supp. 2d 909 (D. Minnesota 2013). · cites it 6× “Kococinski did not inspect Medtronic’s books and records pursuant to Minn.Stat. § 302A.461, subd. 4, and thus cannot allege that the Directors actually discussed these issues at a particular meeting, nor can she allege that the Directors reviewed documents relating to these…”

U.S. Bank N.A. v. Cold Spring Granite Co., 788 N.W.2d 160 (Minn. Ct. App. 2010). · cites it 4× “See Minn.Stat. § 302A.461 (2008) (governing shareholder access to corporate records).”

Linda Adam-Mellang v. Apt. Search, Inc. William Deters, 96 F.3d 297 (8th Cir. 1996). “…stock upon removal from the Board. She retains rights as a shareholder to inspect corporate books and records. See Minn Stat. § 302A.461.”

Markewich Ex Rel. Medtronic, Inc. v. Collins, 622 F. Supp. 2d 802 (D. Minnesota 2009). · cites it 2× “See Minn. Stat. § 302A.461(4). The Court will not now stay its hand in order to assist the Plaintiff in strengthening her Complaint when she did not exercise due diligence to do so prior to filing this action.”

Sifferle v. Micom Corp., 384 N.W.2d 503 (Minn. Ct. App. 1986). · cites it 2× “3, provides that upon filing of the articles of merger, the shares of the corporation to be converted cease to exist.”

Charlotte Kokocinski v. Arthur D. Collins, Jr., 850 F.3d 354 (8th Cir. 2017). “3 Kokocinski then exercised her statutory right to review Medtronic’s corporate records, Minn. Stat. § 302A.461, subd. 4, and in April 2014 she filed an amended complaint with bolstered allegations.”

Black v. NuAire, Inc., 426 N.W.2d 203 (Minn. Ct. App. 1988). · cites it 2× “243 and not decide on its wisdom and utility. See Essling v. Markman, 335 N.W.2d 237, 240 (Minn.”

Warthan v. Midwest Consol. Ins. Agencies, Inc., 450 N.W.2d 145 (Minn. Ct. App. 1990). · cites it 2× “Cloud group access to them in violation of Minn.Stat. § 302A.461, subd. 4 (1988). 3 The Minnetonka group therefore acted illegally and prejudicially toward the St.”

Wessin v. Archives Corp., 581 N.W.2d 380 (Minn. Ct. App. 1998). · cites it 2× “at 149. The minority shareholders also alleged direct injuries, including denial of access to corporate records and books under the majority’s control in violation of Minn.”

Show all 16 citing cases →

— Minn. Stat. § 302A.461(4) — 2 cases

Markewich Ex Rel. Medtronic, Inc. v. Collins, 622 F. Supp. 2d 802 (D. Minnesota 2009). “See Minn. Stat. § 302A.461(4). The Court will not now stay its hand in order to assist the Plaintiff in strengthening her Complaint when she did not exercise due diligence to do so prior to filing this action.”

Markewich ex rel. Medtronic, Inc. v. Collins, 622 F. Supp. 2d 802 (D. Minnesota 2009).

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