§ 1706 — Corporate purposes

New York § 1706

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 17: Benefit Corporations

Text

§ 1706. Corporate purposes.\n (a) Every benefit corporation shall have a purpose of creating general\npublic benefit. This purpose is in addition to its purposes under\nsection two hundred one of this chapter and any specific purpose set\nforth in its certificate of incorporation under paragraph (b) of this\nsection. The purpose to create general public benefit shall be a\nlimitation on the other purposes of the benefit corporation, and shall\ncontrol over any inconsistent purpose of the benefit corporation.\n (b) The certificate of incorporation of a benefit corporation may\nidentify one or more specific public benefits that it is the purpose of\nthe benefit corporation to create in addition to its purposes under\nsection two hundred one of this chapter and paragraph (a) of this\nsection. The identification of a specific public benefit under this\nparagraph does not limit the obligation of a benefit corporation to\ncreate general public benefit.\n (c) The creation of general and specific public benefits as provided\nin paragraphs (a) and (b) of this section is in the best interests of\nthe benefit corporation.\n (d) A benefit corporation may amend its certificate of incorporation\nto add, amend or delete the identification of a specific public benefit\nthat it is the purpose of the benefit corporation to create. The\namendment shall not be effective unless it is adopted by at least the\nminimum status vote.\n