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Statutes Text

Article - Corporations and Associations




§5–6C–01.

    (a)    In this subtitle the following words have the meanings indicated.

    (b)    “Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 of this subtitle.

    (c)    “General public benefit” means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits.

    (d)    “Specific public benefit” includes:

        (1)    Providing individuals or communities with beneficial products or services;

        (2)    Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;

        (3)    Preserving the environment;

        (4)    Improving human health;

        (5)    Promoting the arts, sciences, or advancement of knowledge;

        (6)    Increasing the flow of capital to entities with a public benefit purpose; or

        (7)    The accomplishment of any other particular benefit for society or the environment.

    (e)    “Third–party standard” means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:

        (1)    Is developed by a person or entity that is independent of the benefit corporation; and

        (2)    Is transparent because the following information about the standard is publicly available or accessible:

            (i)    The factors considered when measuring the performance of a business;

            (ii)    The relative weightings of those factors; and

            (iii)    The identity of the persons who developed and control changes to the standard and the process by which those changes were made.