Cal. Corp. Code § 14621

Current through the 2024 Legislative Session.
Section 14621 - Statement for inclusion in annual benefit report
(a) The board of directors of a benefit corporation shall prepare for inclusion in the annual benefit report to shareholders required by Section 14630, a statement indicating whether, in the opinion of the board of directors, the benefit corporation failed to pursue its general, and any specific, public benefit purpose in all material respects during the period covered by the report.
(b) If, in the opinion of the board of directors, the benefit corporation failed to pursue its general, and any specific, public benefit purpose, the statement required by subdivision (a) shall include a description of the ways in which the benefit corporation failed to pursue its general, and any specific, public benefit purpose.

Ca. Corp. Code § 14621

Added by Stats 2011 ch 728 (AB 361),s 1, eff. 1/1/2012.