1. Timing of report. A benefit corporation shall send its annual benefit report to each shareholder on the earlier of:
A. One hundred and twenty days following the end of the fiscal year of the benefit corporation; and [PL 2019, c. 328, §1 (NEW).]
B. At the same time the benefit corporation delivers any other annual report to its shareholders. [PL 2019, c. 328, §1 (NEW).]

[PL 2019, c. 328, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 13-C Sec. 1832

  • Benefit corporation: means a corporation:
A. See Maine Revised Statutes Title 13-C Sec. 1802
  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 2. Website posting. A benefit corporation shall post all of its annual benefit reports on the public portion of its website. The compensation paid to directors and financial or proprietary information included in the benefit reports may be omitted from the annual benefit reports as posted.

    [PL 2019, c. 328, §1 (NEW).]

    3. Availability of copies. If a benefit corporation does not have a website, the benefit corporation shall provide a copy of its most recent annual benefit report, without charge, to any person that requests a copy, but the compensation paid to directors and financial or proprietary information included in the annual benefit report may be omitted from the copy of the annual benefit report provided.

    [PL 2019, c. 328, §1 (NEW).]

    SECTION HISTORY

    PL 2019, c. 328, §1 (NEW).