Sec. 33-1355. Legacy preservation provision.
138 words·~1 min read·
/ct/title-33/chapter-604-benefit-corporations/33-1355·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A benefit corporation may, not earlier than twenty-four months after the date that it became a benefit corporation, adopt a legacy preservation provision by amending its certificate of incorporation to contain a statement that the corporation is subject to a legacy preservation provision. Any such amendment shall be adopted in accordance with the procedures set forth in chapter 601 and shall be approved by the unanimous vote or written consent of the shareholders of every class or series, regardless of any limitation stated in the certificate of incorporation or bylaws on the voting rights of any such class or series.
(b)A dissolved benefit corporation that has adopted a legacy preservation provision shall distribute its remaining property only to one or more
(1)charitable organizations, or
(2)other benefit corporations that have adopted a legacy preservation provision.