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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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CORPORATIONS AND ASSOCIATIONS |
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TITLE 5. SPECIAL TYPES OF CORPORATIONS |
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SUBTITLE 6C. BENEFIT CORPORATIONS |
§ 5-6C-06. Purpose
Latest version.
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(a) General public benefit. --
(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) Specific public benefit. --
(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) Creation of benefits are in best interest. -- 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.