NC S545

Expands the definition of "subsidiary" in North Carolina corporate law to include domestic and foreign corporations, partnerships, limited liability companies, business trusts, and joint ventures that are directly or indirectly owned and controlled by a parent corporation.

Grants qualified shareholders inspection rights to subsidiary records when the parent corporation either has actual possession and control of those records or can obtain them through exercising control over the subsidiary.

Conditions subsidiary inspection rights on two requirements: the inspection would not breach agreements between the corporation/subsidiary and outside parties, and the subsidiary would not have the right under applicable law to deny the parent corporation access to those records.

Eliminates common law inspection rights for shareholders of public corporations, limiting them to only those inspection rights explicitly provided in the statute.

Effective October 1, 2023, applying to inspection demands made on or after that date.