§ 13-C §1823 — Standard of conduct for officers

1.
General rule.
An officer of a benefit corporation shall consider the interests and factors described in section 1821, subsection 1 in the manner provided in section 1821, subsection 1 if:
2.
Coordination with other provisions of law.
The consideration of interests and factors in the manner provided in subsection 1 does not constitute a violation of section 843.
3.
Exoneration from personal liability.
Except as provided in the articles of incorporation, an officer is not personally liable for monetary damages for:
4.
Limitation on standing.
An officer does not have a duty to a person that is a beneficiary of general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
5.
Business judgments.
An officer who makes a business judgment in good faith fulfills the duty under this section if the officer:

Legislative History

PL 2019, c. 328, §1 (NEW).