West Virginia Statutes
§ 31F-4-402 — Limitation upon liability of officers
An officer of a benefit corporation has no liability for actions taken that the officer believes, in his or her good faith business judgment, are consistent with:
(i)The general public benefit or specific public benefit specified in the articles of incorporation or bylaws or otherwise adopted by the board of directors; and (ii) the requirements of any third-party standard then in effect for the corporation.
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Legislative History
2014 Reg. Sess., SB202
Nearby Sections
11
§ 31F-1-101
Short title§ 31F-1-102
Definitions§ 31F-1-103
Construction of chapter§ 31F-2-201
Formation of benefit corporations§ 31F-2-202
Election of status after formation§ 31F-2-203
Termination of status§ 31F-3-301
Corporate purposes§ 31F-4-401
Standard of conduct for directors§ 31F-4-402
Limitation upon liability of officers§ 31F-4-403
Right of action§ 31F-5-501
Annual benefit report