Montana Code 35-1-1404. Applicability
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35-1-1404. Applicability. (1) Unless otherwise provided in this part, the provisions of Title 35, chapter 1, apply to all benefit corporations.
Terms Used In Montana Code 35-1-1404
- Benefit corporation: means a corporation organized in this state that has elected to become subject to this part and whose status as a benefit corporation has not been terminated as provided in 35-1-1408. See Montana Code 35-1-1402
- 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.
(2)The provisions of this part do not:
(a)imply that a contrary or different rule of law does or would apply to a business corporation that is not a benefit corporation; or
(b)affect any provision of this part that does or would apply to a corporation that is not a benefit corporation.