35-1-1409. Officers -- duty -- limits.
206 words·~1 min read·
/mt/title-35/chapter-1/part-14/35-1-1409·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-1-1409 . Officers -- duty -- limits.
(1)Each officer of a benefit corporation shall consider the interests and factors described in 35-1-1406 in the manner provided in 35-1-1406 whenever the officer:
(a)has discretion to act with respect to a matter; and
(b)reasonably believes that the matter may have a material effect on:
(i)the creation of general public benefit or a specific public benefit by the benefit corporation; or
(ii)any of the interests or factors referred to in 35-1-1406 (2).
(2)The consideration by an officer of interests and factors in the manner described in subsection
(1)does not constitute a violation of the duties of the officer.
(3)An officer is not liable for monetary damages under this part for:
(a)any action taken as an officer if the officer performed the duties of the position in compliance with this section; or
(b)any failure of the benefit corporation to create general public benefit or a specific public benefit.
(4)An officer does not have a fiduciary duty to a person who is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.