Utah Code 16-10b-304. Benefit officer

16-10b-304. Benefit officer.

(1)	A benefit corporation may have an officer designated as the benefit officer.

Benefit officer: means the individual designated as the benefit officer of a benefit corporation under Section 16-10b-304. See Utah Code 16-10b-103
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.
General public benefit: means a material positive impact on society and the environment:

(a)	taken as a whole;

(b)	assessed against a third-party standard; and

(c)

from the business of a benefit corporation. See Utah Code 16-10b-103

Specific public benefit: includes :

(a)	providing low-income or underserved individuals or communities with beneficial products or services;

(b)	promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;

(c)	protecting or restoring the environment;

(d)	improving human health;

(e)	promoting the arts, sciences, or advancement of knowledge;

(f)	increasing the flow of capital to entities with a purpose to benefit society or the environment; and

(g)

conferring any other particular benefit on society or the environment. See Utah Code 16-10b-103

(2)

A benefit officer has:

(a)

the powers and duties relating to the purpose of the corporation to create general public benefit or specific public benefit provided:

(i)	by the bylaws; or

(ii)	absent controlling provisions in the bylaws, by resolutions or orders of the board of directors; and

(b)	the duty to prepare the benefit report required by Section 16-10b-401.

Enacted by Chapter 394, 2014 General Session