§ 13-C §1802 — Definitions

Maine § 13-C §1802

• Jurisdiction: Maine
• Title 13-C: MAINE BUSINESS CORPORATION ACT
• Ch. 18: BENEFIT CORPORATIONS

Text

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Benefit corporation.
"Benefit corporation" means a corporation:
2.
Benefit director.
"Benefit director" means the director designated as the benefit director of a benefit corporation under section 1822.
3.
Benefit enforcement proceeding.
"Benefit enforcement proceeding" means a claim or action or proceeding for:
4.
Benefit officer.
"Benefit officer" means the individual designated as the benefit officer of a benefit corporation under section 1824.
5.
General public benefit.
"General public benefit" means a material positive impact on society and the environment, taken as a whole, assessed against a 3rd-party standard, from the business and operations of a benefit corporation.
6.
Independent.
"Independent" means having no material relationship with a benefit corporation or a subsidiary of the benefit corporation, except that serving as benefit director or benefit officer does not make an individual not independent. A material relationship between an individual and a benefit corporation or any of its subsidiaries is presumed to exist if any of the following applies:
7.
Minimum status vote.
"Minimum status vote" means:
8.
Specific public benefit.
"Specific public benefit" means any particular benefit to society or the environment, including without limitation:
9.
Subsidiary.
"Subsidiary" means, in relation to a person, an entity in which the person owns beneficially or of record 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity had been exercised.
10.
Third-party standard.
"Third-party standard" means a recognized standard for defining, reporting and assessing corporate social and environmental performance that:

Legislative History

PL 2019, c. 328, §1 (NEW).