Florida Senate - 2009                                    SB 1500
       
       
       
       By Senator Fasano
       
       
       
       
       11-01622A-09                                          20091500__
    1                        A bill to be entitled                      
    2         An act relating to corporations; amending s. 607.1620,
    3         F.S.; requiring that certain corporations furnish
    4         annual financial statements to shareholders within a
    5         specified period after the close of each fiscal year
    6         or within such additional time as is reasonably
    7         necessary under certain circumstances; specifying
    8         means by which such requirement may be satisfied;
    9         providing an alternate means of satisfying such
   10         requirement with respect to corporations that have a
   11         specified class of outstanding securities; providing
   12         for applicability; providing an effective date.
   13         
   14  Be It Enacted by the Legislature of the State of Florida:
   15         
   16         Section 1. Subsection (3) of section 607.1620, Florida
   17  Statutes, is amended, and subsection (5) is added to that
   18  section, to read:
   19         607.1620 Financial statements for shareholders.—
   20         (3) Any A corporation required by subsection (1) to furnish
   21  annual financial statements to its shareholders shall furnish
   22  such mail the annual financial statements to each shareholder
   23  within 120 days after the close of each fiscal year or within
   24  such additional time thereafter as is reasonably necessary to
   25  enable the corporation to prepare its financial statements if,
   26  for reasons beyond the corporation's control, it is unable to
   27  prepare its financial statements within the prescribed period.
   28  Thereafter, on written request from a shareholder who was not
   29  furnished mailed the statements, the corporation shall furnish
   30  mail him or her the latest annual financial statements.
   31         (5) The requirement to furnish annual financial statements
   32  as described in this section shall be satisfied by sending such
   33  annual financial statements by mail or electronic transmission.
   34  If a corporation has an outstanding class of securities
   35  registered under s. 12 of the Securities Exchange Act of 1934,
   36  as amended, the requirement to furnish annual financial
   37  statements shall be satisfied by complying with 17 C.F.R.
   38  240.14a-16, as amended, with respect to the obligation of a
   39  corporation to furnish an annual report to shareholders pursuant
   40  to 17 C.F.R. 240.14a-3(b), as amended.
   41         Section 2. This act shall take effect upon becoming a law,
   42  and applies to all fiscal years ending on or after December 31,
   43  2008.