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If this corporation has members, then, if this corporation receives TWENTY-FIVE THOUSAND <br />DOLLARS ($25,000), or more, in gross revenues or receipts during the fiscal year, this corporation <br />shall automatically send the above annual report to all members, in such manner, at such time, <br />and with such contents, including an accompanying report from independent accountants or <br />certification of a corporate officer, as specified by the above provisions of this Section relating to <br />the annual report. <br />SECTION 7. ANNUAL STATEMENT OF SPECIFIC TRANSACTIONS TO MEMBERS <br />This corporation shall mail or deliver to all Directors and any and all members a statement within <br />one hundred and twenty (120) days after the close of its fiscal year which briefly describes the <br />amount and circumstances of any indemnification or transaction of the following kind: <br />A) Any transaction in which the corporation, or its parent or its subsidiary, was a party, and in <br />which either of the following had a direct or indirect material financial interest: <br />B) Any Director or officer of the corporation, or its parent or subsidiary (a mere common <br />directorship shall not be considered a material financial interest); or <br />C) Any holder of more than ten percent (10%) of the voting power of the corporation, its <br />parent or its subsidiary. <br />The above statement need only be provided with respect to a transaction during the previous <br />fiscal year involving more than FIFTY THOUSAND DOLLARS ($50,000) or which was one of a number <br />of transactions with the same persons involving, in the aggregate, more than FIFTY THOUSAND <br />DOLLARS ($50,000). <br />Similarly, the statement need only be provided with respect to indemnifications or advances <br />aggregating more than TEN THOUSAND DOLLARS ($10,000) paid during the previous fiscal year to <br />any director or officer, except that no such statement need be made if such indemnification was <br />approved by the members pursuant to Section 5238(e)(2) of the California Nonprofit Public Benefit <br />Corporation Law. <br />Any statement required by this Section shall briefly describe the names of the interested persons <br />involved in such transactions, stating each person's relationship to the corporation, the nature of <br />such person's interest in the transaction and, where practical, the amount of such interest, <br />provided that in the case of a transaction with a partnership of which such person is a partner, only <br />the interest of the partnership need be stated. <br />If this corporation has any members and provides all members with an annual report according to <br />the provisions of Section 6 of this Article, then such annual report shall include the information <br />required by this Section. <br />San Leandro Improvement Association Bylaws 18 October 2013 <br />