Title 16, Title 16: Corporations

16-21-201. Company purpose. (1) In addition to the benefit company's purpose under Section, a benefit company shall have a purpose of creating general public benefit. 16-20-103 (2) A benefit company's certificate of organization may identify one or more specific public benefits t…

16-21-301. Standard of conduct for members. (1) When discharging a duty under this chapter, each member of a member-managed benefit company: shall consider the effect of any action or inaction on: the members of the benefit company; the employees and workforce of the benefit comp…

16-21-302. Standard of conduct for managers and officers. (1) Each manager of a manager-managed benefit company shall consider the interests and factors described in Subsectionsandwhen discharging the manager's duties under this chapter and the operating agreement. 16-21-301(1) (…

16-21-303. Right of action. (1) Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit company or a benefit company's member, manager, or officer with respect to: failure to pursue or create general public benefit or a spe…

16-21-401. Annual benefit report. (1) A benefit company shall prepare an annual benefit report that includes: a narrative description of: the ways in which the benefit company pursued the benefit company's general public benefit purpose during the year and the extent to which gen…

16-21-402. Availability of annual benefit report. (1) Each year, a benefit company shall send the benefit report described in Sectionto each member: 16-21-401 within 120 days after the day on which the benefit company's fiscal year ends; or the day on which the benefit company de…