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 §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 […]
13-C §1805. Termination of benefit corporation status
§1805. Termination of benefit corporation status 1. Termination. A benefit corporation may terminate its status as such and cease to be subject to this chapter by amending its articles of incorporation to delete the provision required by section 1803 or 1804 to be stated in the articles of a benefit corporation. In order to be […]