The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
REPORTS
(Cite as: 11B V.S.A. § 16.20)
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§ 16.20. Financial statements for members
(a) A corporation upon written demand from a member shall furnish that member its latest
annual financial statements, which may be consolidated or combined statements of the
corporation and one or more of its subsidiaries or affiliates, as appropriate, that
include a balance sheet as of the end of the fiscal year and statement of operations
for the year. If financial statements are prepared for the corporation on the basis
of generally accepted accounting principles, the annual financial statements must
also be prepared on that basis.
(b) If annual financial statements are reported upon by a public accountant, the accountant’s
report must accompany them. If not, the statements must be accompanied by the statement
of the president or the person responsible for the corporation’s financial accounting
records:
(1) stating the president’s or other person’s reasonable belief as to whether the statements
were prepared on the basis of generally accepted accounting principles and, if not,
describing the basis of preparation; and
(2) describing any respects in which the statements were not prepared on a basis of accounting
consistent with the statements prepared for the preceding year. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)