Title 10, Corporations and Associations

A. A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this chapter by amending its articles of incorporation to delete the provision required by section 10-2403 or 10-2404 to be stated in the articles of a benefit corporation. In or…

A. A domestic benefit corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapters 11 and 13 of this title and title 29, chapter 6. B. If a benefit corporation is to be created in a mer…

A. A benefit corporation shall have a purpose of creating general public benefit. This purpose is in addition to its purpose under section 10-301. B. The articles of incorporation of a benefit corporation may identify one or more specific public benefits that it is the purpose of…

A. 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 action or inaction …

A. Each officer of a benefit corporation shall consider the interests and factors described in section 10-2431, subsection A, in the manner provided in that subsection, if both of the following apply: 1. The officer has discretion to act with respect to a matter. 2. It reasonably…

A. 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 either of the following: 1. The failure to pursue or create general public benefit or a specific public ben…

A. A benefit corporation shall prepare an annual benefit report that includes all of the following: 1. A narrative description of: (a) The ways in which the benefit corporation pursued general public benefit during the year and the extent to which general public benefit was creat…

A. A benefit corporation shall send its annual benefit report to each shareholder: 1. Within one hundred twenty days following the end of the fiscal year of the benefit corporation. 2. At the same time the benefit corporation delivers any other annual report to its shareholders. …