Terms Used In West Virginia Code > Chapter 31F > Article 1 - General Provisions

• Benefit corporation: means a corporation organized pursuant to the provisions of this chapter:

  (1) That has elected to become subject to this article. See West Virginia Code 31F-1-102

• 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 taken as a whole, as measured by a third-party standard, from the business and operations of a benefit corporation. See West Virginia Code 31F-1-102
• Independent: means having no material relationship with a benefit corporation or a subsidiary of the benefit corporation, either directly as a shareholder of the benefit corporation or as a partner, a member or an owner of a subsidiary of the benefit corporation or indirectly as a director, an officer, an owner, or a manager of an entity that has a material relationship with the benefit corporation or a subsidiary of the benefit corporation. See West Virginia Code 31F-1-102
• Specific public benefit: means a benefit that serves one or more public welfare, religious, charitable, scientific, literary or educational purposes, or other purpose or benefit beyond the strict interest of the shareholders of the benefit corporation, including:

  (1) Providing low-income or underserved individuals or communities with beneficial products or services. See West Virginia Code 31F-1-102

• Statute: A law passed by a legislature.
• Subsidiary: means , in relation to an individual, an entity in which the individual either: (i) Owns directly or indirectly equity interests entitled to cast a majority of the votes entitled to be cast generally in an election of directors or members of the governing body of the entity. See West Virginia Code 31F-1-102
• Third-party standard: means a recognized standard for defining, reporting, and assessing corporate social and environmental performance that:

  (1) Is developed by a person that is independent of the benefit corporation. See West Virginia Code 31F-1-102