Montana § 35-1-1408 Termination -- Reorganization -- Other Actions Affecting Benefit Corporation

Montana Statutes

§ 35-1-1408 — Termination -- Reorganization -- Other Actions Affecting Benefit Corporation

Montana § 35-1-1408

Title 35CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Ch. 1MONTANA BENEFIT CORPORATION ACT

Part 14Benefit Corporations

This text of Montana § 35-1-1408 (Termination -- Reorganization -- Other Actions Affecting Benefit Corporation) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 35-1-1408 (2026).

Text

35-1-1408 . Termination -- reorganization -- other actions affecting benefit corporation.

(1)A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this part by deleting from the benefit corporation's articles of incorporation the statement and identification of public benefits required under 35-1-1405 . The amendment is effective only if the amendment is adopted by at least the minimum status vote. If the amendment is adopted, a shareholder of the corporation may require the corporation to purchase at fair market value the shares owned by the shareholder as provided for in 35-14-1302 .

(2)If a reorganization of a benefit corporation would terminate the status of the corporation as a benefit corporation, the reorganization is effective only if

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35-1-1408 . Termination -- reorganization -- other actions affecting benefit corporation. (1) A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this part by deleting from the benefit corporation's articles of incorporation the statement and identification of public benefits required under 35-1-1405 . The amendment is effective only if the amendment is adopted by at least the minimum status vote. If the amendment is adopted, a shareholder of the corporation may require the corporation to purchase at fair market value the shares owned by the shareholder as provided for in 35-14-1302 .
(2) If a reorganization of a benefit corporation would terminate the status of the corporation as a benefit corporation, the reorganization is effective only if the reorganization is approved by at least the minimum status vote.
(3) If a benefit corporation is the converting corporation in a conversion, the conversion is effective only if the conversion is approved by at least the minimum status vote.
(4) A sale, lease, conveyance, exchange, transfer, or other disposition of all or substantially all of the assets of a benefit corporation, unless the transaction is in the usual and ordinary course of business of the benefit corporation, is effective only if the transaction is approved by at least the minimum status vote. If a transaction described in this subsection is not in the usual and ordinary course of business and is approved, a shareholder of the corporation may require the corporation to purchase at fair market value the shares owned by the shareholder as provided in 35-14-1302 .