Under the Model Business Corporation Act (MBCA), a corporate official who denies a proper demand by a shareholder to inspect the shareholder list is:

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The MBCA gives shareholders an absolute right to inspect the shareholder list. In order to discourage the denial of proper demands to inspect, the MBCA makes a corporate official who denies a proper demand liable for a penalty of 10 percent of the value of the shares of the demanding shareholder.

Under the Model Business Corporation Act (MBCA), a Corporate Official