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HB 757: Benefit Corporations

GENERAL BILL by Clemens ; (CO-INTRODUCERS) Kriseman

Benefit Corporations; Provides for organization of benefit corporations; provides for existing corporations to become benefit corporations; authorizes corporation to terminate its status as benefit corporation; requires corporate purposes set forth in articles of incorporation of benefit corporation to include certain public benefits; authorizes benefit corporations to set forth certain public benefit purposes in their bylaws; authorizes board of directors of benefit corporation to adopt certain public benefit purposes for corporation; prescribes certain standards of conduct for, & limits liability of, directors of benefit corporations; limits liability of officers of benefit corporation; authorizes benefit corporation to bring enforcement actions for certain claims against directors & officers of corporation; provides for commencement & maintenance of proceedings; requires benefit corporation to submit an annual benefit report to DOS & corporation's shareholders; provides for public disclosure of annual benefit reports.

Effective Date: upon becoming a law
Last Action: 3/9/2012 House - Died in Business and Consumer Affairs Subcommittee
Bill Text: Web Page | PDF



Bill History

Date Chamber Action
11/22/2011 House • Filed
11/29/2011 House • Referred to Business and Consumer Affairs Subcommittee; Civil Justice Subcommittee; Rulemaking and Regulation Subcommittee; Economic Affairs Committee -HJ 75
1/10/2012 House • Introduced -HJ 74
3/9/2012 House • Died in Business and Consumer Affairs Subcommittee