Md. Code, Corporations and Associations § 4A-1207
This is the official text of Md. Code, Corporations and Associations § 4A-1207, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§4A–1207.
Official statutory text
(a) A person managing the business and affairs of a benefit limited liability company:
(1) Shall consider the effects of any action or decision not to act on:
(i) The members of the benefit limited liability company;
(ii) The employees and workforce of the benefit limited liability company and the subsidiaries and suppliers of the benefit limited liability company;
(iii) The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit limited liability company;
(iv) Community and societal considerations, including those of any community in which offices or facilities of the benefit limited liability company or the subsidiaries or suppliers of the benefit limited liability company are located; and
(v) The local and global environment; and
(2) May consider any other pertinent factors or the interests of any other group that the person determines are appropriate to consider.
(b) A person managing the business and affairs of a benefit limited liability company does not have any duty on account of the factors or interests set forth in this section to:
(1) A person that is a beneficiary of the public benefit purposes of the benefit limited liability company; or
(2) A member of the benefit limited liability company.
(1) Shall consider the effects of any action or decision not to act on:
(i) The members of the benefit limited liability company;
(ii) The employees and workforce of the benefit limited liability company and the subsidiaries and suppliers of the benefit limited liability company;
(iii) The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit limited liability company;
(iv) Community and societal considerations, including those of any community in which offices or facilities of the benefit limited liability company or the subsidiaries or suppliers of the benefit limited liability company are located; and
(v) The local and global environment; and
(2) May consider any other pertinent factors or the interests of any other group that the person determines are appropriate to consider.
(b) A person managing the business and affairs of a benefit limited liability company does not have any duty on account of the factors or interests set forth in this section to:
(1) A person that is a beneficiary of the public benefit purposes of the benefit limited liability company; or
(2) A member of the benefit limited liability company.
Status: in_force · Read it on the official government site
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