Tennessee § 48-28-107 Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits

Tennessee Statutes

§ 48-28-107 — Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits

Tennessee § 48-28-107

Title48

This text of Tennessee § 48-28-107 (Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 48-28-107 (2026).

Text

(a)A for-profit benefit corporation shall include in every notice of a meeting of shareholders a statement to the effect that it is a for-profit benefit corporation subject to this chapter.

(b)No later than four (4) months after the close of a for-profit benefit corporation's fiscal year, the for-profit benefit corporation shall deliver to its shareholders an annual benefit report covering the immediately preceding fiscal year. The annual benefit report shall state the name of the for-profit benefit corporation and contain, with regard to the period covered by the report, a narrative description of:

(1)The ways in which the corporation pursued the public benefit or public benefits stated in its charter;

(2)The extent to which that public benefit purpose or purposes were pursued and ach

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(a) A for-profit benefit corporation shall include in every notice of a meeting of shareholders a statement to the effect that it is a for-profit benefit corporation subject to this chapter. (b) No later than four (4) months after the close of a for-profit benefit corporation's fiscal year, the for-profit benefit corporation shall deliver to its shareholders an annual benefit report covering the immediately preceding fiscal year. The annual benefit report shall state the name of the for-profit benefit corporation and contain, with regard to the period covered by the report, a narrative description of: (1) The ways in which the corporation pursued the public benefit or public benefits stated in its charter; (2) The extent to which that public benefit purpose or purposes were pursued and achieved; and (3) Any material circumstances that hindered efforts to pursue or achieve the public benefit or public benefits. (c) A for-profit benefit corporation is not required to have its annual benefit report audited, certified, or otherwise evaluated by a third party. (d) A for-profit benefit corporation shall post its annual benefit reports on the public portion of its website, if any; provided, the compensation paid to directors and financial or proprietary information may be omitted from the posted annual benefit reports. (e) If a for-profit benefit corporation does not have a website, the for-profit benefit corporation shall provide a copy of its most recent annual benefit report, without charge, to any person who requests a copy; provided, the compensation paid to directors and financial or proprietary information may be omitted from the provided annual benefit reports. (f) The charter or bylaws of a for-profit benefit corporation may require that the corporation use a third-party standard in connection with or attain a periodic third-party certification addressing the corporation's promotion of the public benefit or public benefits identified in the charter or the best interests of those materially affected by the corporation's conduct.