| 1 | A bill to be entitled |
| 2 | An act relating to corporate annual financial statements; |
| 3 | amending s. 607.1620, F.S.; revising a requirement for |
| 4 | corporations to provide annual financial statements to |
| 5 | shareholders; specifying criteria for satisfaction of such |
| 6 | requirement; providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
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| 10 | Section 1. Subsection (3) of section 607.1620, Florida |
| 11 | Statutes, is amended, and subsection (5) is added to that |
| 12 | section, to read: |
| 13 | 607.1620 Financial statements for shareholders.-- |
| 14 | (3) Any A corporation required by subsection (1) to |
| 15 | furnish annual financial statements to its shareholders shall |
| 16 | furnish mail the annual financial statements to each shareholder |
| 17 | within 120 days after the close of each fiscal year or within |
| 18 | such additional time thereafter as is reasonably necessary to |
| 19 | enable the corporation to prepare its financial statements if, |
| 20 | for reasons beyond the corporation's control, it is unable to |
| 21 | prepare its financial statements within the prescribed period. |
| 22 | Thereafter, upon a on written request from a shareholder who was |
| 23 | not furnished mailed the statements, the corporation shall |
| 24 | furnish mail him or her the latest annual financial statements. |
| 25 | (5) The requirement to furnish annual financial statements |
| 26 | under this section shall be satisfied by sending the statements |
| 27 | by mail or electronically. However, if a corporation has an |
| 28 | outstanding class of securities registered under s. 12 of the |
| 29 | Securities and Exchange Act of 1934, as amended, the requirement |
| 30 | to furnish annual financial statements shall be considered |
| 31 | satisfied by complying with the provisions of Title 17 C.F.R. s. |
| 32 | 240.14a-16, as amended, requiring corporations to furnish annual |
| 33 | financial reports to shareholders. |
| 34 | Section 2. This act shall take effect July 1, 2009. |