Terms Used In N.Y. Business Corporation Law 1706

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Benefit corporation: means a business corporation incorporated under this article and whose status as a benefit corporation has not been terminated as provided in this article. See N.Y. Business Corporation Law 1702
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See N.Y. Business Corporation Law 1702
• Minimum status vote: means that, in addition to any other approval or vote required by this chapter, the certificate of incorporation or a bylaw adopted by the shareholders:
  
  (1) The holders of shares of every class or series that are entitled to vote on the corporate action shall be entitled to vote as a class on the corporate action; and
  
  (2) The corporate action must be approved by vote of the shareholders of each class or series entitled to cast at least three-quarters of the votes that all shareholders of the class or series are entitled to cast thereon. See N.Y. Business Corporation Law 1702
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Specific public benefit: includes :
  
  (1) providing low-income or underserved individuals or communities with beneficial products or services;
  
  (2) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
  
  (3) preserving the environment;
  
  (4) improving human health;
  
  (5) promoting the arts, sciences or advancement of knowledge;
  
  (6) increasing the flow of capital to entities with a public benefit purpose; and
  
  (7) the accomplishment of any other particular benefit for society or the environment. See N.Y. Business Corporation Law 1702