Mont. Code Ann. § 35-1-1409
This is the official text of Mont. Code Ann. § 35-1-1409, part of Montana’s Code Ann — part of the compiled statutory law of Montana, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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35-1-1409 Officers -- duty -- limits
Official statutory text
35-1-1409 . Officers -- duty -- limits. (1) Each officer of a benefit corporation shall consider the interests and factors described in 35-1-1406 in the manner provided in 35-1-1406 whenever the officer:
(a) has discretion to act with respect to a matter; and
(b) reasonably believes that the matter may have a material effect on:
(i) the creation of general public benefit or a specific public benefit by the benefit corporation; or
(ii) any of the interests or factors referred to in 35-1-1406 (2).
(2) The consideration by an officer of interests and factors in the manner described in subsection (1) does not constitute a violation of the duties of the officer.
(3) An officer is not liable for monetary damages under this part for:
(a) any action taken as an officer if the officer performed the duties of the position in compliance with this section; or
(b) any failure of the benefit corporation to create general public benefit or a specific public benefit.
(4) An officer does not have a fiduciary duty to a person who is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
(a) has discretion to act with respect to a matter; and
(b) reasonably believes that the matter may have a material effect on:
(i) the creation of general public benefit or a specific public benefit by the benefit corporation; or
(ii) any of the interests or factors referred to in 35-1-1406 (2).
(2) The consideration by an officer of interests and factors in the manner described in subsection (1) does not constitute a violation of the duties of the officer.
(3) An officer is not liable for monetary damages under this part for:
(a) any action taken as an officer if the officer performed the duties of the position in compliance with this section; or
(b) any failure of the benefit corporation to create general public benefit or a specific public benefit.
(4) An officer does not have a fiduciary duty to a person who is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
Status: in_force · Read it on the official government site
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