Effective 5/13/2014 16-10b-301. Standard of conduct for directors. (1) Subject to Subsection (2), the board of directors, committees of the board of directors, and individual directors of a benefit corporation, in discharging the duties of their respective positions and in considering the best interests of the benefit corporation: (a) shall consider the effects of an […]
Effective 5/13/2014 16-10b-302. Benefit director. (1) The board of directors of a benefit corporation that is a publicly traded corporation shall, and the board of directors of any other benefit corporation may, include a director, who: (a) is designated the benefit director; and (b) shall have, in addition to the powers, duties, rights, and immunities […]
Effective 5/13/2014 16-10b-303. Standard of conduct for officers. (1) An officer of a benefit corporation shall consider the interests and factors described in Subsection 16-10b-301(1) in the manner provided in Subsections 16-10b-301(1) and (2) if: (a) the officer has discretion to act with respect to a matter; and (b) it reasonably appears to the officer […]
Effective 5/13/2014 16-10b-304. Benefit officer. (1) A benefit corporation may have an officer designated as the benefit officer. (2) A benefit officer has: (a) the powers and duties relating to the purpose of the corporation to create general public benefit or specific public benefit provided: (i) by the bylaws; or (ii) absent controlling provisions in […]
Effective 5/13/2014 16-10b-305. Right of action. (1) 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 its articles […]
