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Current as of January 01, 2025 | Updated by Findlaw Staff
(a)(1) Each benefit corporation shall have the purpose of creating a general public benefit.
(2) The purpose described in paragraph (1) of this subsection is in addition to, and may be a limitation on, the purposes of the corporation under § 2-101 of this article.
(b)(1) In addition to its purposes under § 2-101 of this article and subsection (a) of this section, the charter of a benefit corporation may identify as one of the purposes of the benefit corporation the creation of one or more specific public benefits.
(2) The identification in its charter of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit corporation to create a general public benefit.
(c) The creation of a general public benefit or specific public benefit as provided in subsections (a) and (b) of this section is in the best interests of the benefit corporation.
Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 5-6C-06 - last updated January 01, 2025 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-5-6c-06/
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