Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-1207
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-1207
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- including: means includes or including by way of illustration and not by way of limitation. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(1) Shall consider the effects of any action or decision not to act on:
(i) The members of the benefit limited liability company;
(ii) The employees and workforce of the benefit limited liability company and the subsidiaries and suppliers of the benefit limited liability company;
(iii) The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit limited liability company;
(iv) Community and societal considerations, including those of any community in which offices or facilities of the benefit limited liability company or the subsidiaries or suppliers of the benefit limited liability company are located; and
(v) The local and global environment; and
(2) May consider any other pertinent factors or the interests of any other group that the person determines are appropriate to consider.
(b) A person managing the business and affairs of a benefit limited liability company does not have any duty on account of the factors or interests set forth in this section to:
(1) A person that is a beneficiary of the public benefit purposes of the benefit limited liability company; or
(2) A member of the benefit limited liability company.