Louisiana Revised Statutes 12:1824 – Benefit officer
Terms Used In Louisiana Revised Statutes 12:1824
- Benefit officer: means the individual designated as the benefit officer of a benefit corporation pursuant to La. See Louisiana Revised Statutes 12:1803
- 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.
- General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See Louisiana Revised Statutes 12:1803
- Specific public benefit: means any of the following:
(a) Serving low-income or underserved individuals or communities. See Louisiana Revised Statutes 12:1803
A. A benefit corporation may have an officer designated as the benefit officer.
B. A benefit officer shall have all of the following:
(1) The powers and duties relating to the purpose of the corporation to create a general public benefit or specific public benefit provided by the bylaws or, absent controlling provisions in the bylaws, by resolutions or orders of the board of directors.
(2) The duty to prepare the benefit report required by La. Rev. Stat. 12:1831.
C. An officer shall not be personally liable for monetary damages for any of the following:
(1) Any act or omission covered by a provision in the articles of incorporation that eliminates or limits the liability of the officer as authorized in La. Rev. Stat. 12:24(C)(4).
(2) Any act or omission as an officer if the officer performed the duties of office pursuant to La. Rev. Stat. 12:91.
(3) Failure of the benefit corporation to pursue or create general public benefit or a specific public benefit.
Acts 2012, No. 442, §1.