A benefit corporation shall be formed in accordance with Chapter 2 (commencing with Section 200) of Division 1 except that the articles shall also state that the corporation is a benefit corporation and shall identify any specific public benefit adopted pursuant to Section 14610.

(Added by Stats. 2011, Ch. 728, Sec. 1. (AB 361) Effective January 1, 2012.)

Terms Used In California Corporations Code 14602

  • Benefit corporation: means a corporation organized under the General Corporation Law that has elected to become subject to this part and whose status as a benefit corporation has not been terminated as provided in this part. See California Corporations Code 14601
  • 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.
  • Specific public benefit: includes all of the following:

    California Corporations Code 14601

  • State: means the State of California, unless applied to the different parts of the United States. See California Education Code 77
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