§ 5-6C-01
253 words·~1 min read·
/md/corporations-and-associations/5-6c-01·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–6C–01.
(a)In this subtitle the following words have the meanings indicated.
(b)“Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 of this subtitle.
(c)“General public benefit” means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits.
(d)“Specific public benefit” includes:
(1)Providing individuals or communities with beneficial products or services;
(2)Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3)Preserving the environment;
(4)Improving human health;
(5)Promoting the arts, sciences, or advancement of knowledge;
(6)Increasing the flow of capital to entities with a public benefit purpose; or
(7)The accomplishment of any other particular benefit for society or the environment.
(e)“Third–party standard” means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1)Is developed by a person or entity that is independent of the benefit corporation; and
(2)Is transparent because the following information about the standard is publicly available or accessible:
(i)The factors considered when measuring the performance of a business;
(ii)The relative weightings of those factors; and
(iii)The identity of the persons who developed and control changes to the standard and the process by which those changes were made.