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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.


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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