Md. Code Ann., Corps. & Ass'ns § 4A-1206
Purpose of benefit limited liability company
Effective Oct 1, 2013Added as Corporations and Associations § 4A-1106 by Acts 2011, c. 500, § 2, eff. June 1, 2011; Acts 2011, c. 501, § 2, eff. June 1, 2011. Renumbered as Corporations and Associations § 4A-1206 by Acts 2013, c. 527, § 1, eff. Oct. 1, 2013; Acts 2013, c. 528, § 1, eff. Oct. 1, 2013.State of Maryland
(a)
- (1) Each benefit limited liability company shall have the purpose of creating a general public benefit.
- (2) The purpose described in paragraph (1) of this subsection is in addition to, and may be a limitation on, the purposes of the benefit limited liability company under § 4A-201 of this title.
(b)
- (1) In addition to its purposes under § 4A-201 of this title and subsection (a) of this section, the articles of organization or operating agreement of a benefit limited liability company may identify as one of the purposes of the benefit limited liability company the creation of one or more specific public benefits.
- (2) The identification in its articles of organization or operating agreement of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit limited liability company to create a general public benefit.
Added as Corporations and Associations § 4A-1106 by Acts 2011, c. 500, § 2, eff. June 1, 2011; Acts 2011, c. 501, § 2, eff. June 1, 2011. Renumbered as Corporations and Associations § 4A-1206 by Acts 2013, c. 527, § 1, eff. Oct. 1, 2013; Acts 2013, c. 528, § 1, eff. Oct. 1, 2013.