BlackletterCalifornia law

PART 13. BENEFIT CORPORATIONS [14600. - 14631.]

Part 13 added by Stats. 2011, Ch. 728, Sec. 1.

§§ 14600–14631 · 12 sections

  1. CHAPTER 1. Preliminary Provisions §§ 14600–14604 · 5 sections
    • § 14600 (a) This part shall be applicable to all benefit corporations. (b) The existence of a provision of this part shall not of itself create any implication that a…
    • § 14601 As used in this part: (a) “Benefit corporation” means a corporation organized under the General Corporation Law that has elected to become subject to this part…
    • § 14602 A benefit corporation shall be formed in accordance with Chapter 2 (commencing with Section 200) of Division 1 except that the articles shall also state that…
    • § 14603 (a) A corporation may become a benefit corporation under this part by amending the corporation’s articles so that the articles contain a statement that the…
    • § 14604 (a) A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this part by amending the corporation’s articles to…
  2. CHAPTER 2. Corporate Purposes § 14610 · 1 section
    • § 14610 (a) A benefit corporation shall have the purpose of creating general public benefit. This purpose is in addition to, and may be a limitation on, the…
  3. CHAPTER 3. Accountability §§ 14620–14623 · 4 sections
    • § 14620 (a) A director shall perform the duties of a director including duties as a member of any committee of the board upon which the director may serve, in good…
    • § 14621 (a) The board of directors of a benefit corporation shall prepare for inclusion in the annual benefit report to shareholders required by Section 14630, a…
    • § 14622 (a) Each officer of a benefit corporation shall consider the interests and factors described in Section 14620 in the manner provided in that section when…
    • § 14623 (a) No person may bring an action or assert a claim against a benefit corporation or its directors or officers under this chapter except in a benefit…
  4. CHAPTER 4. Transparency §§ 14630–14631 · 2 sections
    • § 14630 (a) A benefit corporation shall deliver to each shareholder an annual benefit report including all of the following: (1) A narrative description of all of the…
    • § 14631 All certificates representing shares of a benefit corporation shall contain, in addition to any other statements required by the General Corporation Law…