Guam § 15114 - (G). Access to Records and Documents by Members;

§ 15114. (G). Access to Records and Documents by Members;

Inspection and Copying.

(a) Upon the request of a member or a holder of an

economic interest, for purposes reasonably related to the interest

of that person as a member or a holder of an economic interest, a

manager shall promptly deliver to the member or holder of an

economic interest, at the expense of the limited liability

company, a copy of the information required to be maintained by

paragraphs (1), (2), and (4) of subdivision (a) of § 15115 (K),

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and any written operating agreement of the limited liability

company.

(b) Each member, manager, and holder of an economic

interest has the right upon reasonable request, for purposes

reasonably related to the interest of that person as a member,

manager, or holder of an economic interest, to each of the

following:

(1) To inspect and copy during normal business hours

any of the records required to be maintained by § 15115

(K).

(2) To obtain from a manager promptly after becoming

available, a copy of the limited liability company's federal,

state, and local income tax or information returns for each

year.

(c) In the case of any limited liability company with more

than 35 members:

(1) A manager shall cause an annual report to be sent

to each of the members not later than 120 days after the

close of the fiscal year. That report shall contain a balance

sheet as of the end of the fiscal year and an income state-

ment and statement of changes in financial position for the

fiscal year.

(2) Members representing at least 5 percent of the

voting interests of members, or three or more members,

may make a written request to a manager for an income

statement of the limited liability company for the initial

three-month, six-month, or nine-month period of the current

fiscal year ended more than 30 days prior to the date of the

request, and a balance sheet of the limited liability company

as of the end of that period. The statement shall be delivered

or mailed to the members within 30 days thereafter.

(3) The financial statements referred to in this section

shall be accompanied by the report thereon, if any, of the

independent accountants engaged by the limited liability

company or, if there is no report, the certificate of a man-

ager of the limited liability company that the financial

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statements were prepared without audit from the books and

records of the limited liability company.

(d) A manager shall promptly furnish to a member a copy of

any amendment to the articles of organization or operating

agreement executed by a manager pursuant to a power of

attorney from the member.

(e) The limited liability company shall send or cause to be

sent to each member or holder of an economic interest within 90

days after the end of each taxable year such information as is

necessary to complete federal and state income tax or

information returns, and, in the case of a limited liability

company with 35 or fewer members, a copy of the limited

liability company's federal, state, and local income tax or

information returns for the year.

(f) In addition to any other remedies, a court of competent

jurisdiction may enforce the duty of making and mailing or

delivering the information and all statements required by this

section and, for good cause shown, may extend the time therefor.

(g) In any action under this section, if the court finds the

failure of the limited liability company to comply with the

requirements of this section is without justification, the court

may award an amount sufficient to reimburse the person

bringing the action for the reasonable expenses incurred by that

person, including attorneys' fees, in connection with the action or

proceeding.

(h) Any waiver of the rights provided in this section shall be

unenforceable.

(i) Any request, inspection, or copying by a member or

holder of an economic interest may be made by that person or by

that person's agent or attorney.