Illinois Compiled Statutes 805 ILCS 40/4.15 – Benefit officer
Current as of: 2024 | Check for updates
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(a) A benefit corporation may have an officer designated as the benefit officer.
(b) A benefit officer shall have:
(1) powers and duties relating to the purpose of the
(b) A benefit officer shall have:
Terms Used In Illinois Compiled Statutes 805 ILCS 40/4.15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) powers and duties relating to the purpose of the
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benefit corporation to create general public benefit or specific public benefit provided:
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(A) by the bylaws of the benefit corporation; or
(B) absent controlling provisions in the bylaws,
(B) absent controlling provisions in the bylaws,
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by resolutions or orders of the board of directors; and
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(2) the duty to prepare the benefit report required
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by Section 5.01 of this Act.
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