Texas Business Organizations Code

§ 21.957 — PERIODIC STATEMENTS

BO § 21.957Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. S. PUBLIC BENEFIT CORPORATIONS

Statute text

(a)A public benefit corporation shall include in each notice of a meeting of shareholders a statement to the effect that the corporation is a public benefit corporation governed by this subchapter.

(b)A public benefit corporation, at least biennially, shall provide to the corporation's shareholders a statement pertaining to the corporation's promotion of the public benefit or benefits specified in the corporation's certificate of formation and promotion of the best interests of those materially affected by the corporation's conduct. The statement must include:

(1)the objectives the board of directors has established to promote the public benefit or benefits and interests;

(2)the standards the board of directors has adopted to measure the corporation's progress in promoting the public benefit or benefits and interests;

(3)objective factual information based on those standards regarding the corporation's success in meeting the objectives for promoting the public benefit or benefits and interests; and

(4)an assessment of the corporation's success in meeting the objectives and promoting the public benefit or benefits and interests.

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Legislative history

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