Terms Used In Montana Code 35-1-1409

• 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}
• Benefit corporation: means a corporation organized in this state that has elected to become subject to this part and whose status as a benefit corporation has not been terminated as provided in 35-1-1408. See Montana Code 35-1-1402
• 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.
• General public benefit: means a material, positive impact on society and the environment, taken as a whole, as assessed against a third-party standard, from the business and operations of a benefit corporation. See Montana Code 35-1-1402
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Specific public benefit: means :

  (a)providing low-income or underserved individuals or communities with beneficial products or services;

  (b)promoting economic opportunity for individuals or communities beyond the creation of jobs in the ordinary course of business;

  (c)preserving the environment;

  (d)improving human health;

  (e)promoting the arts, sciences, or advancement of knowledge;

  (f)increasing the flow of capital to entities with a public benefit purpose; or

  (g)the accomplishment of any other particular benefit for society or the environment. See Montana Code 35-1-1402