7-3-39 - Shareholders' right to examine bank records -- Records as to a particular customer.
7-3-39. Shareholders' right to examine bank records -- Records as to a particularcustomer.
Every shareholder of a bank shall have the right to examine the books and records of thebank as provided in Sections 16-10a-1601 through 16-10a-1604. Access to records pertainingsolely to the deposits, borrowings, or other financial transaction of a particular customer shall beallowed to a shareholder of the bank upon the following conditions:
(1) a written request for such access is submitted to the board of directors of the bankstating its purpose and necessity;
(2) the board denies such request;
(3) the shareholder files a petition with a court of competent jurisdiction requesting anorder granting such access;
(4) after hearing upon not less than 10 days' written notice to the bank and to theparticular person whose records are involved, the court finds that the request for access is made ingood faith and it is necessary to protect a legitimate interest of a shareholder;
(5) the court orders that the records of the bank pertaining to the particular customer bemade available subject to such conditions as the court considers appropriate to protect the privacyof the customer; and
(6) the person seeking to inspect or obtain copies of such records reimburses the bank forthe costs of search, retrieval, and reproduction of such records. The bank shall have no liability tothe customer in providing to the shareholder of the bank access to such records in accordancewith the terms and conditions of the order of the court.
Amended by Chapter 277, 1992 General Session