13-C §1823. Standard of conduct for officers
§1823. Standard of conduct for officers 1. General rule. An officer of a benefit corporation shall consider the interests and factors described in section 1821, subsection 1 in the manner provided in section 1821, subsection 1 if: A. The officer has discretion to act with respect to a matter; and [PL 2019, c. […]
13-C §1824. Benefit officer
§1824. Benefit officer 1. Designation. A benefit corporation may have an officer designated the benefit officer. [PL 2019, c. 328, §1 (NEW).] 2. Functions. A benefit officer has: A. The powers and duties relating to the purpose of the corporation to create general public benefit or a specific public benefit provided by the […]
13-C §1825. Right of action
§1825. Right of action 1. General rule. Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit corporation or its directors or officers with respect to: A. Failure to pursue or create general public benefit or a specific public benefit set forth in the […]
13-C §1831. Preparation of annual benefit report
§1831. Preparation of annual benefit report 1. Contents. A benefit corporation shall prepare an annual benefit report including: A. A narrative description of: (1) The ways in which the benefit corporation pursued general public benefit during the year and the extent to which general public benefit was created; (2) The ways in […]
13-C §1832. Availability of annual benefit report
§1832. Availability of annual benefit report 1. Timing of report. A benefit corporation shall send its annual benefit report to each shareholder on the earlier of: A. One hundred and twenty days following the end of the fiscal year of the benefit corporation; and [PL 2019, c. 328, §1 (NEW).] B. At the […]
13-C §1702. Application to qualified foreign corporations
§1702. Application to qualified foreign corporations A foreign corporation authorized to transact business in this State on the effective date of this Act is subject to this Act but is not required to obtain a new certificate of authority to transact business under this Act. [PL 2001, c. 640, Pt. A, §2 (NEW); PL […]
13-C §1801. Application and effect of chapter
§1801. Application and effect of chapter 1. Application of chapter. This chapter applies to all benefit corporations. [PL 2019, c. 328, §1 (NEW).] 2. Application of corporation law generally. This chapter does not create an implication that a contrary or different rule of law applies to a corporation that is not a benefit corporation. […]
13-C §1802. Definitions
§1802. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 328, §1 (NEW).] 1. Benefit corporation. “Benefit corporation” means a corporation: A. That has elected to become subject to this chapter pursuant to section 1804; and [PL 2019, c. 328, […]
13-C §1803. Incorporation of benefit corporation
§1803. Incorporation of benefit corporation A benefit corporation must be incorporated in accordance with chapter 2, and its articles of incorporation must state that it is a benefit corporation. [PL 2019, c. 328, §1 (NEW).] SECTION HISTORY PL 2019, c. 328, §1 (NEW).
13-C §1804. Election of benefit corporation status
§1804. Election of benefit corporation status 1. Existing corporation. An existing corporation may become a benefit corporation under this chapter by amending its articles of incorporation so that they contain, in addition to the requirements of section 202, a statement that the corporation is a benefit corporation. In order to be effective, the amendment must […]