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§ 4A-1206. Purpose of benefit limited liability company

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2013

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 12. Benefit Limited Liability Companies (Refs & Annos)
Effective: October 1, 2013
MD Code, Corporations and Associations, § 4A-1206
Formerly cited as MD Code, Corporations and Associations, § 4A-1106
§ 4A-1206. Purpose of benefit limited liability company
General public benefit
(a)(1) Each benefit limited liability company shall have the purpose of creating a general public benefit.
(2) The purpose described in paragraph (1) of this subsection is in addition to, and may be a limitation on, the purposes of the benefit limited liability company under § 4A-201 of this title.
Specific public benefit
(b)(1) In addition to its purposes under § 4A-201 of this title and subsection (a) of this section, the articles of organization or operating agreement of a benefit limited liability company may identify as one of the purposes of the benefit limited liability company the creation of one or more specific public benefits.
(2) The identification in its articles of organization or operating agreement of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit limited liability company to create a general public benefit.

Credits

Added as Corporations and Associations § 4A-1106 by Acts 2011, c. 500, § 2, eff. June 1, 2011; Acts 2011, c. 501, § 2, eff. June 1, 2011. Renumbered as Corporations and Associations § 4A-1206 by Acts 2013, c. 527, § 1, eff. Oct. 1, 2013; Acts 2013, c. 528, § 1, eff. Oct. 1, 2013.
MD Code, Corporations and Associations, § 4A-1206, MD CORP & ASSNS § 4A-1206
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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