Section 490.1804 – Severability.
490.1804 Severability. If any provision of this chapter or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application. 2021 Acts, ch 165, §215, 230 Section […]
Section 490.1697 – through
490.1697 through Reserved.
Section 490.1698 – through
490.1698 through Reserved.
Section 490.1699 – through
490.1699 through Reserved.
Section 490.1700 – through
490.1700 through Reserved.
Section 490.1701 – Application of subchapter — definitions.
490.1701 Application of subchapter — definitions. 1. If a corporation elects to become a benefit corporation under this subchapter in the manner prescribed in this subchapter, it is subject in all respects to the provisions of this chapter, except to the extent this subchapter imposes additional or different requirements, in which case such requirements apply. […]
Section 490.1702 – Name — share certificates.
490.1702 Name — share certificates. 1. The name of a benefit corporation may contain the words “benefit corporation”, the abbreviation “B.C.”, or the designation “BC”, any of which shall be deemed to satisfy the requirements of section 490.401, subsection 1, paragraph “a”. 2. Any share certificate issued by a benefit corporation, and any information statement […]
Section 490.1703 – Certain amendments and transactions — votes required.
490.1703 Certain amendments and transactions — votes required. 1. Unless the articles of incorporation or bylaws require a greater vote, the approval of at least two-thirds of the voting power of the outstanding shares of the corporation entitled to vote thereon, and, if any class or series of shares is entitled to vote as a […]
Section 490.1704 – Duties of directors.
490.1704 Duties of directors. 1. Each member of the board of directors of a benefit corporation, when discharging the duties of a director, shall act according to all of the following: a. In a responsible and sustainable manner. b. In a manner that pursues the public benefit or benefits identified in any public benefit provision. […]
Section 490.1705 – Annual benefit report.
490.1705 Annual benefit report. 1. No less than annually, a benefit corporation shall prepare a benefit report addressing the efforts of the corporation during the preceding year to operate in a responsible and sustainable manner, to pursue any public benefit or benefits identified in any public benefit provision, and to consider the interests described in […]