(a) Each officer of a benefit corporation shall consider the interests and factors described in subsection (a) of Section 4.01 in the manner provided in that subsection if:
         (1) the officer has discretion to act with respect
    
to a matter; and
        (2) it reasonably appears to the officer that the
    
matter may have a material effect on the creation by the benefit corporation of general public benefit or a specific public benefit identified in the articles of incorporation by the benefit corporation.
    (b) Exoneration from personal liability. An officer is not personally liable for monetary damages for:

Terms Used In Illinois Compiled Statutes 805 ILCS 40/4.10

  • 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
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

         (1) action taken as an officer if the officer
    
performed the duties of the position in compliance with this Section; or
        (2) failure of the benefit corporation to pursue or
    
create general public benefit or specific public benefit.
    (c) Limitation on standing. An officer does not have a duty to a person that 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.
  Previous section
Next section  
 Article 4 Contents