Is a Punch King Fitness franchisee entitled to receive a copy of the Cooperative's financial statements?

According to Punch King Fitness's 2024 Franchise Disclosure Document, each member of the Cooperative is entitled to receive a copy of the Cooperative's financial statements upon request. This means that if Punch King Fitness franchisees are members of a Cooperative established by the franchisor, they have the right to request and receive these financial statements.

Cooperatives are established by Punch King Fitness, and for each franchised business operated by the franchisor or its affiliate within a Cooperative's geographical area, the franchisor contributes to the Cooperative on the same basis as other member franchisees. These Cooperatives are intended to be of perpetual duration; however, Punch King Fitness retains the right to modify, merge, or dissolve any Cooperative. If a Cooperative is dissolved, any unexpended funds will be used for advertising or promotional purposes for the Punch King Fitness system.

It's important to note that not all Punch King Fitness franchisees may be required to participate in Cooperatives, even if they are located in the same geographical area. This is because franchisees may be operating under franchise agreements with varying terms. Therefore, a franchisee's entitlement to the Cooperative's financial statements depends on their membership in the Cooperative, which in turn depends on the terms of their individual franchise agreement.