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Section 7-5.3-4 Election of benefit corporation status.

RI Gen L § 7-5.3-4 (2019) (N/A)
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§ 7-5.3-4. Election of benefit corporation status. (a) An existing corporation may become a benefit corporation under this chapter by amending its articles of incorporation so that they contain, in addition to the requirements of § 7-1.2-202, a statement that the corporation is a benefit corporation. In order to be effective, the amendment must be adopted by at least the minimum status vote.

(b) If an entity that is not a benefit corporation is a party to a merger or conversion and the surviving or resulting entity in the merger or consolidation is to be a benefit corporation, the merger or conversion must be approved by the entity by at least the minimum status vote.

History of Section. (P.L. 2013, ch. 487, § 1; P.L. 2013, ch. 500, § 1.)

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Section 7-5.3-5 Termination of benefit corporation status.