Title 13-C, Title 13-C

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 …

1. General public benefit purpose. A benefit corporation must have a purpose of creating general public benefit. This purpose is in addition to its purpose under section 301. 2. Optional specific public benefit purpose. The articles of incorporation of a benefit corporation may i…

1. Consideration of interests. 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 shall consider the effects of…

1. General rule. The board of directors of a benefit corporation that is a public corporation shall, and the board of any other benefit corporation may, include a director, who: A. Is designated the benefit director; and [PL 2019, c. 328, §1 (NEW).] B. Has, in addition to the pow…

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. 328, §1 (…

1. Designation. A benefit corporation may have an officer designated the benefit officer. 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 bylaws …

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…

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 way…

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 same time the benefit …