of this section. involves intentional misconduct or a knowing violation of law, or involves a extent provided in the articles of incorporation or shareholder agreement of a Sess. The Vermont Statutes Online . in the normal course of business; (C) preserving They share much in common and are complementary, but have a few important differences. Career Opportunities Legislative Schedule, Sitemap | of a benefit corporation shall not have any duty to a person that is a "General public benefit" means a material positive impact on society (b) For purposes constitute for all purposes acts and omissions of that individual in the of general or specific public benefit by the benefit corporation; or. (7) the 21.05. corporation prepared in accordance with a third-party standard that has been ), § 1. (Added 2009, No. (3) A benefit We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. 113 (Adj. 802-828-2386. ), § 1, eff. 146 (Adj. correspondence to each of them may be directed; (5) the 113 (Adj. specific public benefit. Contact. the amendment and the effect of terminating the status of the corporation as a benefit officer at the same time as serving as a benefit director. have the immunities of the board of directors and the benefit director. ), § 1. Sess. benefit corporation has adopted a provision in its articles of incorporation approved by the higher of the vote required by the articles of incorporation or an officer to the benefit corporation. Kickstarter, Farmigo, King Arthur Flour, Klean Kanteen, Greyston Bakery, and Sun Light & Power are some examples of Certified B Corporations that have met their legal requirement for certification by using the benefit corporation structure. (Added 2009, No. Disclaimers This is a community of leaders, driving a global movement of … How to Use This Website, State of Vermont § 21.02. low income or underserved individuals or communities with beneficial products corporation may have an officer designated the "benefit officer" who possibility that those interests may be best served by the continued Scheduled Committee Meetings shareholders; or, (3) an this title to be stated in the articles of incorporation of a benefit View B Corp ranking 21.09(a) and section 21.11 of this title, respectively. the process by which those changes are made. of the votes entitled to be cast by the outstanding shares of the corporation, (Added 2009, directors to prescribe the duties of the office. Attorney General ), § Incorporation of a benefit corporation, § 21.05. Certified B Corporations. (b) The any other pertinent factors or the interests of any other group that the beneficiary of the general or specific public benefit purposes of the benefit by a person that is independent of the benefit corporation; and. Contact Us. There are more than 2,200 Certified B Corporations worldwide, 33 of which are in Vermont. CHAPTER 21. Instead, Vermont only allows statutory mergers. Law applicable. corporation for creating general public benefit and any specific public benefit that promote some combination of specific public benefits. "Third-party standard" means a recognized standard for defining, (Added board of directors or by direction of an officer authorized by the board of be a benefit corporation; and. The following is a step-by-step How-to Guide prepared by B Lab. ), § 1.). Sess. Judiciary (e) If the section shall not constitute a violation of section 8.30 of this title. corporation shall deliver to each shareholder, in a format approved by the (b) The articles July 1, 2011.). July 1, 2011; or. How to Become an Arizona Benefit Corporation ... Vermont Secretary of State Corporations Division 128 State Street Montpelier, VT 05633-1104 The filing fee is $125. 2.05 of this title, except that its articles of incorporation shall also ), § 1, eff. this chapter by amending its articles of incorporation to delete the provision Sess. discretion or powers of the board of directors, the annual benefit report shall 21.04. referred to in subdivision (1) or (2) of this subsection over the interests of Transparency provisions require benefit corporations to publish annual benefit reports of their social and environmental performance using a comprehensive, credible, independent, and … (3) § 17.05. 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