Browse Arkansas Code titles and sections
4-36-303. Standard of conduct for officers.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-36-303. Standard of conduct for officers.
(a) An officer of a benefit corporation shall consider the interests and factors described in § 4-36-301 if:
(1) The officer has discretion to act with respect to a matter; and
(2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation.
(b) The consideration of interests and factors described in subsection (a) of this section shall not constitute a violation of § 4-27-841.
(c) An officer is not personally liable for monetary damages for:
(1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or
(2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.
(d) An officer does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-36-303
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:4-36-303
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: df26aefec32479d5c069f30efe55b75b0296ca28f41c38c5b1ab824548c8993f
Source location: content.xml paragraph 24792
Stored source content
4-36-303. Standard of conduct for officers.
(a) An officer of a benefit corporation shall consider the interests and factors described in § 4-36-301 if:
(1) The officer has discretion to act with respect to a matter; and
(2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation.
(b) The consideration of interests and factors described in subsection (a) of this section shall not constitute a violation of § 4-27-841.
(c) An officer is not personally liable for monetary damages for:
(1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or
(2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.
(d) An officer does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-27-841. Duties of officers.
Each officer has the authority and shall perform the duties set forth in the bylaws or, to the extent consistent with the bylaws, the duties prescribed by the board of directors or by direction of an officer authorized by the board of directors to prescribe the duties of other officers.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-27-841
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 4-27-841. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-36-301. Standard of conduct for directors.
(a) In discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board, and individual directors of a benefit corporation:
(1) Shall consider the effects of an action or inaction on:
(A) The shareholders of the benefit corporation;
(B) The employees and work force of the benefit corporation, its subsidiaries, and its suppliers;
(C) The interests of customers as beneficiaries of the general public benefit or specific public benefit purposes of the benefit corporation;
(D) Community and societal factors, including those of each community in which offices or facilities of the benefit corporation, its subsidiaries, or its suppliers are located;
(E) The local and global environment;
(F) The short-term and long-term interests of the benefit corporation, including benefits that may accrue to the benefit corporation from its long-term plans and the possibility that these interests may be best served by the continued independence of the benefit corporation; and
(G) The ability of the benefit corporation to accomplish its general public benefit purpose and a specific public benefit purpose;
(2) May consider other pertinent factors or the interests of a group that they consider appropriate; and
(3) Need not give priority to the interests of a particular person or group referred to in subdivision (a)(1) or subdivision (a)(2) of this section over the interests of another person or group unless the benefit corporation has stated in its articles of incorporation its intention to give priority to certain interests related to its accomplishment of its general public benefit purpose or of a specific public benefit purpos
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-36-301
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 4-36-301. This identifies an authority to review, not proof of applicability.