§ 4-36-201 — Corporate purposes

(a) A benefit corporation shall have a purpose of creating a general public benefit and it is in addition to its purpose under § 4-36-103(a)(5) . (b) (1) The articles of incorporation of a benefit corporation may identify one (1) or more specific public benefits that it is the purpose of the benefit corporation to pursue in addition to its purposes under § 4-36-103(a)(5) and subsection (a) of this section. (2) The identification of a specific public benefit under this subsection does not limit the obligation of a benefit corporation under subsection (a) of this section. (c) The creation of a general public benefit and a specific public benefit under subsections (a) and (b) of this section is in the best interests of the benefit corporation. (d) (1) A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to pursue. (2) To be effective, the amendment shall be adopted by at least the minimum status vote. (e) A professional corporation that is a benefit corporation does not violate the Arkansas Professional Corporation Act, § 4-29-201 et seq., by having the purpose to pursue a general public benefit or a specific public benefit.

Legislative History

Added by Act 2013, No. 1388,§ 1, eff. 8/16/2013.