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§ 5-6C-01. Definitions

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2012

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6c. Benefit Corporations (Refs & Annos)
Effective: June 1, 2012
MD Code, Corporations and Associations, § 5-6C-01
§ 5-6C-01. Definitions
In general
(a) In this subtitle the following words have the meanings indicated.
Benefit corporation
(b) “Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5-6C-03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5-6C-04 of this subtitle.
General public benefit
(c) “General public benefit” means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits.
Specific public benefit
(d) “Specific public benefit” includes:
(1) Providing individuals or communities with beneficial products or services;
(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3) Preserving the environment;
(4) Improving human health;
(5) Promoting the arts, sciences, or advancement of knowledge;
(6) Increasing the flow of capital to entities with a public benefit purpose; or
(7) The accomplishment of any other particular benefit for society or the environment.
Third-party standard
(e) “Third-party standard” means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1) Is developed by a person or entity that is independent of the benefit corporation; and
(2) Is transparent because the following information about the standard is publicly available or accessible:
(i) The factors considered when measuring the performance of a business;
(ii) The relative weightings of those factors; and
(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.

Credits

Added by Acts 2010, c. 97, § 1, eff. Oct. 1, 2010; Acts 2010, c. 98, § 1, eff. Oct. 1, 2010. Amended by Acts 2012, c. 135, § 1, eff. June 1, 2012.
MD Code, Corporations and Associations, § 5-6C-01, MD CORP & ASSNS § 5-6C-01
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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