Md. Code Ann., Corps. & Ass'ns § 5-6C-06
Purpose of benefit corporation
Effective Oct 1, 2010Added by Acts 2010, c. 97, § 1, eff. Oct. 1, 2010; Acts 2010, c. 98, § 1, eff. Oct. 1, 2010.State of Maryland
(a)
- (1) Each benefit corporation 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 corporation under § 2-101 of this article.
(b)
- (1) In addition to its purposes under § 2-101 of this article and subsection (a) of this section, the charter of a benefit corporation may identify as one of the purposes of the benefit corporation the creation of one or more specific public benefits.
- (2) The identification in its charter of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit corporation to create a general public benefit.
- (c) The creation of a general public benefit or specific public benefit as provided in subsections (a) and (b) of this section is in the best interests of the benefit corporation.
Added by Acts 2010, c. 97, § 1, eff. Oct. 1, 2010; Acts 2010, c. 98, § 1, eff. Oct. 1, 2010.