§ 1 Short title
§ 2 Definitions
§ 3 Compliance with chapters 156A and 156D; authority of this chapter over articles of organization, bylaws or shareholder agreement of benefit corporation
§ 4 Organization of benefit corporation
§ 5 Election by existing corporation to convert to benefit corporation
§ 6 Termination of status as benefit corporation
§ 7 Prohibition against advertising as benefit corporation without full compliance with this chapter
§ 8 Creation for benefit corporation resulting from merger, share exchange or conversion
§ 9 General public benefit; specific public benefit
§ 10 Board of directors, committees and individual directors; consideration of best interests of corporation; non-liability for monetary damages
§ 11 Benefit director; powers and duties; election and removal annual shareholder’s report; non-liability
§ 12 Officers; consideration of interests and factors of Sec. 10, subsec. (a); non-liability for monetary damages
§ 13 Benefit officer; powers and duties
§ 14 Benefit enforcement proceeding
§ 15 Annual benefit report
§ 16 Timing of annual benefit report sent to shareholders; posting on website; copy to state secretary
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Terms Used In Massachusetts General Laws > Chapter 156E - Benefit Corporations

  • 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.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.