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§ 4A-1207. Considerations of management

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-1207
Formerly cited as MD Code, Corporations and Associations, § 4A-1107
§ 4A-1207. Considerations of management
Currentness
Considerations
(a) A person managing the business and affairs of a benefit limited liability company:
(1) Shall consider the effects of any action or decision not to act on:
(i) The members of the benefit limited liability company;
(ii) The employees and workforce of the benefit limited liability company and the subsidiaries and suppliers of the benefit limited liability company;
(iii) The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit limited liability company;
(iv) Community and societal considerations, including those of any community in which offices or facilities of the benefit limited liability company or the subsidiaries or suppliers of the benefit limited liability company are located; and
(v) The local and global environment; and
(2) May consider any other pertinent factors or the interests of any other group that the person determines are appropriate to consider.
Duties
(b) A person managing the business and affairs of a benefit limited liability company does not have any duty on account of the factors or interests set forth in this section to:
(1) A person that is a beneficiary of the public benefit purposes of the benefit limited liability company; or
(2) A member of the benefit limited liability company.

Credits

Added as Corporations and Associations § 4A-1107 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-1207 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-1207, MD CORP & ASSNS § 4A-1207
Current through legislation effective through July 1, 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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