16-10b-201. Corporate purposes.
210 words·~1 min read·
/ut/title-16/chapter-10b/16-10b-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/13/2014
16-10b-201. Corporate purposes.
(1)A benefit corporation shall have a purpose of creating general public benefit. This purpose is in addition to its purpose under Section 16-10a-301 .
(2)The articles of incorporation of a benefit corporation may identify one or more specific public benefits that it is the purpose of the benefit corporation to create in addition to its purposes under Section 16-10a-301 and Subsection
(1). The identification of a specific public benefit under this Subsection
(2)does not limit the purpose of a benefit corporation to create general public benefit under Subsection
(1).
(3)The creation of general public benefit and a specific public benefit under Subsections
(1)and
(2)is considered in the best interests of the benefit corporation.
(4)A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to create. To be effective, the amendment must be adopted by at least the minimum status vote.
(5)A professional corporation that is a benefit corporation does not violate Section 16-11-6 by having the purpose to create general public benefit or a specific public benefit.
Enacted by Chapter 394 , 2014 General Session