§ 14621. — 14621. (Added by Stats. 2011, Ch. 728, Sec. 1.)

California § 14621.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 3.
• Title 1.: DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES
• Part 13.: PART 13. BENEFIT CORPORATIONS
• Ch. 3.: CHAPTER 3. Accountability

Text

(a)
The board of directors of a benefit corporation shall prepare for inclusion in the annual benefit report to shareholders required by Section 14630, a statement indicating whether, in the opinion of the board of directors, the benefit corporation failed to pursue its general, and any specific, public benefit purpose in all material respects during the period covered by the report.
(b)
If, in the opinion of the board of directors, the benefit corporation failed to pursue its general, and any specific, public benefit purpose, the
statement required by subdivision (a) shall include a description of the ways in which the benefit corporation failed to pursue its general, and any specific, public benefit purpose.

Legislative History

Added by Stats. 2011, Ch. 728, Sec. 1. (AB 361) Effective January 1, 2012.