Home Table of Contents

§ 5-6C-06. Purpose of benefit corporation

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-06
§ 5-6C-06. Purpose of benefit corporation
Currentness
Public benefit
(a)(1) Each benefit corporation 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 corporation under § 2-101 of this article.
Multiple benefits
(b)(1) In addition to its purposes under § 2-101 of this article and subsection (a) of this section, the charter of a benefit corporation may identify as one of the purposes of the benefit corporation the creation of one or more specific public benefits.
(2) The identification in its charter of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit corporation to create a general public benefit.
Best interests
(c) The creation of a general public benefit or specific public benefit as provided in subsections (a) and (b) of this section is in the best interests of the benefit corporation.

Credits

Added by Acts 2010, c. 97, § 1, eff. Oct. 1, 2010; Acts 2010, c. 98, § 1, eff. Oct. 1, 2010.
MD Code, Corporations and Associations, § 5-6C-06, MD CORP & ASSNS § 5-6C-06
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document