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§ 5-6C-08. Annual report

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2010

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6c. Benefit Corporations (Refs & Annos)
Effective: October 1, 2010
MD Code, Corporations and Associations, § 5-6C-08
§ 5-6C-08. Annual report
In general
(a) A benefit corporation shall deliver to each stockholder an annual benefit report including:
(1) A description of:
(i) The ways in which the benefit corporation pursued a general public benefit during the year and the extent to which the general public benefit was created;
(ii) The ways in which the benefit corporation pursued any specific public benefit that its charter states is the purpose of the benefit corporation to create and the extent to which that specific public benefit was created; and
(iii) Any circumstances that have hindered the creation by the benefit corporation of the public benefit; and
(2) An assessment of the societal and environmental performance of the benefit corporation prepared in accordance with a third-party standard applied consistently with the prior year's benefit report or accompanied by an explanation of the reasons for any inconsistent application.
Delivery
(b) The benefit report shall be delivered to each stockholder within 120 days following the end of each fiscal year of the benefit corporation.
Public notice
(c)(1) A benefit corporation shall post its most recent benefit report on the public portion of its Web site, if any.
(2) If a benefit corporation does not have a public Web site, the benefit corporation shall provide a copy of its most recent benefit report on demand and without charge to any person who requests a copy.

Credits

Added by Acts 2010, c. 97, § 1, eff. Oct. 1, 2010; Acts 2010, c. 98, § 1, eff. Oct. 1, 2010. Amended by Acts 2014, c. 45, § 5.
MD Code, Corporations and Associations, § 5-6C-08, MD CORP & ASSNS § 5-6C-08
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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