17-72a01. Law applicable to public benefit corporations; how formed. K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto, apply to all public benefit corporations, as defined in K.S.A. 2021 Supp. 17-72a02, and amendments thereto. If a corporation elects to become a public benefit corporation under K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto, in […]
17-72a02. Public benefit corporation defined; contents of certificate of incorporation. (a) A “public benefit corporation” is a for-profit corporation organized under and subject to the requirements of the Kansas general corporation code that is intended to produce a public benefit or public benefits and to operate in a responsible and sustainable manner. To that end, […]
17-72a03. Amendments and mergers; votes required; appraisal rights. (a) Notwithstanding any other provisions of the Kansas general corporation code, a corporation that is not a public benefit corporation, may not, without the approval of 2/3 of the outstanding stock of the corporation entitled to vote thereon: (1) Amend its articles of incorporation to include a […]
17-72a04. Stock certificates; notices regarding uncertificated stock. Any stock certificate issued by a public benefit corporation shall note conspicuously that the corporation is a public benefit corporation formed pursuant to K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto. Any notice sent by a public benefit corporation pursuant to K.S.A. 17-6401(f), and amendments thereto, shall […]
17-72a05. Duties of directors. (a) The board of directors shall manage or direct the business and affairs of the public benefit corporation in a manner that balances the pecuniary interests of the stockholders, the best interests of those materially affected by the corporation’s conduct and the specific public benefit or public benefits identified in its […]
17-72a06. Periodic statements and third-party certification. (a) A public benefit corporation shall include in every notice of a meeting of stockholders a statement to the effect that it is a public benefit corporation formed pursuant to K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto. (b) A public benefit corporation shall no less than annually […]
17-72a07. Derivative suits. Stockholders of a public benefit corporation owning individually or collectively, as of the date of instituting such derivative suit, at least 2% of the corporation’s outstanding shares or, in the case of a corporation with shares listed on a national securities exchange, the lesser of such percentage or shares of at least […]
17-72a08. No effect on other corporations. K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto, shall not affect a statute or rule of law that is or would be applicable to any corporation that is organized under the Kansas general corporation code but is not a public benefit corporation, except as provided in K.S.A. 2021 […]
17-72a09. Application of the Kansas general corporation code to public benefit corporations. K.S.A. 2021 Supp. 17-72a01 through 17-72a09, and amendments thereto, shall be part of and supplemental to the Kansas general corporation code, articles 60 through 74 of chapter 17 of the Kansas Statutes Annotated, and amendments thereto. History: L. 2017, ch. 71, § 9; […]
