§31F-5-501. Annual Benefit Report
(a) A benefit corporation shall prepare an annual benefit report that includes all of the following: (1) A narrative description of:
§31F-2-203. Termination of Status
A benefit corporation may terminate its status as such and cease to be subject to this chapter by amending its articles to delete the provision required by section two hundred one of this article to be set forth in the articles of incorporation, which amendment shall be adopted in accordance with the procedures set forth […]
§31F-3-301. Corporate Purposes
(a) A benefit corporation shall have as one of its purposes the purpose of creating a general public benefit. The articles of incorporation of a benefit corporation may identify one or more specific public benefits that it is the purpose of the benefit corporation to create. A specific public benefit may also be specified in […]
§31F-4-401. Standard of Conduct for Directors
(a) Subject to article eight, chapter thirty-one-d of this code, in discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board and individual directors of a benefit corporation: (1) Shall consider the effects of any corporate action upon:
§31F-4-402. Limitation Upon Liability of Officers
An officer of a benefit corporation has no liability for actions taken that the officer believes, in his or her good faith business judgment, are consistent with: (i) The general public benefit or specific public benefit specified in the articles of incorporation or bylaws or otherwise adopted by the board of directors; and (ii) the […]
§31F-4-403. Right of Action
(a) The duties of directors and officers under this chapter, the obligation of a benefit corporation to prepare and make available the annual benefit report required under section five hundred one, article five of this chapter and the general and any specific public benefit purpose of a benefit corporation may be enforced only in a […]
§31F-1-101. Short Title
This chapter is and may be cited as the West Virginia Benefit Corporation Act.
§31F-1-102. Definitions
As used in this article: (a) "Benefit corporation" means a corporation organized pursuant to the provisions of this chapter: (1) That has elected to become subject to this article; and
§31F-1-103. Construction of Chapter
(a) This chapter shall apply to all benefit corporations. (b) The existence of a provision of this chapter does not of itself create an implication that a contrary or different rule of law applies to a corporation organized pursuant to the provisions of this code that is not a benefit corporation. This chapter does not […]
§31F-2-201. Formation of Benefit Corporations
A benefit corporation shall be formed in accordance with article two, chapter thirty-one-d of this code, and its articles as initially filed with the Secretary of State or as amended, shall state that it is a benefit corporation.