Home/DC Code/§ 29-1303.03
§ 29-1303.03Title 29

Standard of conduct for officers.

Each officer of a benefit corporation shall consider the interests and factors described and in the manner provided in § 29-1303.01(a) if: The officer has discretion to act with respect to a matter; and It is reasonably apparent to the officer that the matter may have a material effect on the creation of general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation. The consideration of interests and factors as provided by subsection (a) of this section shall not constitute a violation of § 29-306.42. An officer is not personally liable for monetary damages for: Action taken as an officer if the officer performed the duties of the position in compliance with § 29-306.42 and this section; or Failure of the benefit corporation to pursue or create general public benefit or specific public benefit. An officer does not have a duty to a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the beneficiary’s status.

Annotations

May 1, 2013, D.C. Law 19-305, § 2(b), 60 DCR 2735
This section is referenced in § 29-1303.02.
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Sourced from the DC Council Open Law Library (public domain).

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