§ 8892. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part III. Partnerships and Limited Liability Companies (Refs & Annos)
Chapter 88. Limited Liability Companies (Refs & Annos)
Subchapter I. Benefit Companies (Refs & Annos)
Effective: February 21, 2017
15 Pa.C.S.A. § 8892
§ 8892. Definitions
The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Benefit company.” A limited liability company that is subject to this subchapter.
“Benefit enforcement proceeding.” A claim or action for:
“General public benefit.” A material positive impact on society and the environment, taken as a whole and assessed against a third-party standard, from the business and operations of a benefit company.
“Independent.” When a person has no material relationship with a benefit company or any of its subsidiaries. A material relationship between an individual and a benefit company or any of its subsidiaries will be conclusively presumed to exist if:
(3) the person, or an association of which the person is a governor or officer or in which the person owns beneficially or of record 5% or more of the outstanding interests, owns beneficially or of record 5% or more of the outstanding interests of the benefit company. The percentage of ownership in an association shall be calculated as if all outstanding rights to acquire interests in the association had been exercised.
“Minimum status vote.” As follows:
(i) The holders of every class or series of interest in the association that are entitled to receive a distribution of any kind from the association must be entitled as a class to vote on or consent to the action regardless of any otherwise applicable limitation on the voting or consent rights of any class or series.
“Specific public benefit.” The term shall have the meaning specified in section 3302 (relating to definitions).
“Subsidiary.” The term shall have the meaning specified in section 3302.
“Third-party standard.” A standard for defining, reporting and assessing overall social and environmental performance which is:
Credits
2016, Nov. 21, P.L. 1328, No. 170, § 29, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8892, PA ST 15 Pa.C.S.A. § 8892
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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