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