The statutory books and records are records which you are legally required to keep. They normally include:
- A register of past and present directors and company secretaries.
- A register of shareholders and their shareholdings.
- A register of debenture holders (if the company has issued any).
- A register of any mortgages or other charges over company assets.
- Minutes of board meetings.
- Minutes of shareholder general meetings.
Shareholders have the right to inspect minutes of a general meeting, but not minutes of board meetings (unless, unusually, the articles of association or an agreement such as a shareholders' agreement gives them that right). Registers are generally open to inspection by any member of the public - the exception is the register of shareholders, which can only be inspected for a 'proper purpose'. If a request is made to inspect the register, the company must decide whether it is for a proper purpose within five working days.
Companies should have a formal policy to help them decide whether a request to inspect their register of shareholders is for a proper purpose or not, within the five-day time limit. Take advice.
A company must respond within five days to enquiries from any person who, in the course of business, requests in writing the type of documents kept at these locations.
