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Current as of April 27, 2021 | Updated by FindLaw Staff
(1) Each officer of a benefit corporation shall consider the interests and factors described in 35-1-1406 in the manner provided in 35-1-1406 whenever the officer:
(a) has discretion to act with respect to a matter; and
(b) reasonably believes that the matter may have a material effect on:
(i) the creation of general public benefit or a specific public benefit by the benefit corporation; or
(ii) any of the interests or factors referred to in 35-1-1406(2).
(2) The consideration by an officer of interests and factors in the manner described in subsection (1) does not constitute a violation of the duties of the officer.
(3) An officer is not liable for monetary damages under this part for:
(a) any action taken as an officer if the officer performed the duties of the position in compliance with this section; or
(b) any failure of the benefit corporation to create general public benefit or a specific public benefit.
(4) An officer does not have a fiduciary duty to a person who is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
Cite this article: FindLaw.com - Montana Title 35. Corporations, Partnerships, and Associations § 35-1-1409. Officers--duty--limits - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-35-corporations-partnerships-and-associations/mt-code-ann-sect-35-1-1409/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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