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4-36-201. Corporate purposes.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-36-201. Corporate purposes.
(a) A benefit corporation shall have a purpose of creating a general public benefit and it is in addition to its purpose under § 4-36-103(a)(5).
(b)(1) The articles of incorporation of a benefit corporation may identify one (1) or more specific public benefits that it is the purpose of the benefit corporation to pursue in addition to its purposes under § 4-36-103(a)(5) and subsection (a) of this section.
(2) The identification of a specific public benefit under this subsection does not limit the obligation of a benefit corporation under subsection (a) of this section.
(c) The creation of a general public benefit and a specific public benefit under subsections (a) and (b) of this section is in the best interests of the benefit corporation.
(d)(1) A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to pursue.
(2) To be effective, the amendment shall be adopted by at least the minimum status vote.
(e) A professional corporation that is a benefit corporation does not violate the Arkansas Professional Corporation Act, § 4-29-201 et seq., by having the purpose to pursue a general public benefit or a specific public benefit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-36-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-36-201
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 036e6737a042b1fcdf336fb3d0b38c057b15cfe81d532a6a124292adababf1f2
Source location: content.xml paragraph 24722
Stored source content
4-36-201. Corporate purposes.
(a) A benefit corporation shall have a purpose of creating a general public benefit and it is in addition to its purpose under § 4-36-103(a)(5).
(b)(1) The articles of incorporation of a benefit corporation may identify one (1) or more specific public benefits that it is the purpose of the benefit corporation to pursue in addition to its purposes under § 4-36-103(a)(5) and subsection (a) of this section.
(2) The identification of a specific public benefit under this subsection does not limit the obligation of a benefit corporation under subsection (a) of this section.
(c) The creation of a general public benefit and a specific public benefit under subsections (a) and (b) of this section is in the best interests of the benefit corporation.
(d)(1) A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to pursue.
(2) To be effective, the amendment shall be adopted by at least the minimum status vote.
(e) A professional corporation that is a benefit corporation does not violate the Arkansas Professional Corporation Act, § 4-29-201 et seq., by having the purpose to pursue a general public benefit or a specific public benefit.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-29-201. Title.
This subchapter may be cited as the “Arkansas Professional Corporation Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-29-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-29-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-36-103. Definitions.
(a) As used in this chapter:
(1) “Benefit corporation” means a business corporation that is subject to this chapter;
(2) “Benefit director” means the director designated as the benefit director of a benefit corporation under § 4-36-302;
(3) “Benefit enforcement proceeding” means a claim or action for:
(A) Failure of a benefit corporation to pursue or create a general public benefit or a specific public benefit purpose as stated in its articles of incorporation; or
(B) Violation of an obligation, duty, or standard of conduct under this chapter;
(4) “Benefit officer” means the individual designated as the benefit officer of a benefit corporation under § 4-36-304;
(5) “General public benefit” means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation;
(6)(A) “Independent” means having no material relationship with a benefit corporation or a subsidiary of the benefit corporation.
(B) A person shall be independent even if serving as benefit director or benefit officer.
(C) A material relationship between a person and a benefit corporation or its subsidiaries is conclusively presumed to exist if:
(i) The person is, or has been in the last three (3) years, an employee other than a benefit officer of the benefit corporation or a subsidiary of the benefit corporation;
(ii) An immediate family member of the person is, or has been in the last three (3) years, an executive officer other than a benefit officer of the benefit corporation or its subsidiary; or
(iii) There is beneficial or record ownership of five percent (5%) or more of the outstanding shares of the benefit corporation by the person or an associat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-36-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-36-103. This identifies an authority to review, not proof of applicability.