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Texas Business Organizations Code

§ 21.952 — DEFINITIONS

BO § 21.952Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. S. PUBLIC BENEFIT CORPORATIONS

Statute text

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In this subchapter:
(1)"Public benefit" means a positive effect, or a reduction of a negative effect, on one or more categories of persons, entities, communities, or interests, other than shareholders in their capacities as shareholders of the corporation, including effects of an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific, or technological nature.
(2)"Public benefit corporation" means a domestic for-profit corporation that elects under Section 3.007(e) to be a public benefit corporation governed by this subchapter.
(3)"Public benefit provisions" means the provisions of a certificate of formation that are required by Section 3.007(e) and this subchapter.

Legislative history

Added by Acts 2017, 85th Leg., R.S., Ch. 776 (H.B. 3488), Sec. 4, eff. September 1, 2017.

Source: Texas Business Organizations Code § 21.952 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.