DEFINITIONS.

304A.021 DEFINITIONS. § Subdivision 1.Terms. For the purposes of this chapter, unless the language or context clearly indicates that a different meaning is intended, the words, terms, and phrases defined in this section have the meanings given them. § Subd. 2.General benefit corporation. "General benefit corporation" means a public benefit corporation that elects in its articles to pursue general public benefit and that may state in its articles a specific public benefit purpose it elects to pursue. § Subd. 3.General public benefit. "General public benefit" means a net material positive impact from the business and operations of a general benefit corporation on society, the environment, and the well-being of present and future generations. § Subd. 4.Independent. "Independent" means having no material relationship with a public benefit corporation or a parent, a subsidiary, or other affiliate of a public benefit corporation. § Subd. 5.Minimum status vote. "Minimum status vote" means that the shareholders shall take action by the affirmative vote of the holders of at least two-thirds of all of the issued and outstanding shares. § Subd. 6.Organization. "Organization" means a domestic or foreign business or nonprofit corporation, limited liability company, whether domestic or foreign, partnership, limited partnership, joint venture, association, trust, estate, enterprise, or other legal or commercial entity. § Subd. 7.Public benefit corporation. "Public benefit corporation" means a corporation formed under chapter 302A: (1) that has elected to become subject to this chapter; and (2) whose status as a public benefit corporation has not been terminated or revoked. § Subd. 8.Specific benefit corporation. "Specific benefit corporation" means a public benefit corporation that states in its articles a specific public benefit purpose it elects to pursue, but does not include a general benefit corporation that states in its articles a specific public benefit purpose it elects to pursue. § Subd. 9.Specific public benefit. "Specific public benefit" means one or more positive impacts, or reduction of a negative impact, on specified categories of natural persons, entities, communities, or interests, other than shareholders in their capacity as shareholders, as enumerated in the articles of a public benefit corporation. § Subd. 10.Third-party standard. "Third-party standard" means: (1) a publicly available standard or guideline for defining, reporting, and assessing the performance of a business enterprise as a social or benefit corporation; (2) promulgated by a natural person or an organization; and (3) that is independent of the public benefit corporation. History: 2014 c 172 s 3