Rhode Island General Laws 7-5.3-1. Application and effect of chapter
(a) This chapter shall be applicable to all benefit corporations.
Terms Used In Rhode Island General Laws 7-5.3-1
- Benefit corporation: means a corporation for profit with purposes set forth in Rhode Island General Laws 7-5.3-2
- 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.
- Statute: A law passed by a legislature.
(b) The existence of a provision of this chapter shall not of itself create an implication that a contrary or different rule of law is applicable to a corporation that is not a benefit corporation. This chapter shall not affect a statute or rule of law that is applicable to a corporation that is not a benefit corporation.
(c) Except as otherwise provided in this chapter, all provisions of the general corporation law, including the Rhode Island Business Corporation Act, chapter 1.2 of this title, applicable to domestic business corporations are applicable to corporations organized under this chapter. A benefit corporation may be subject simultaneously to this chapter and chapter 5.1 of this title. The provisions of this chapter shall control over the provisions of any other chapter of this title to which a benefit corporation is subject.
(d) A provision of the articles of incorporation or bylaws of a benefit corporation may not limit, be inconsistent with, or supersede a provision of this chapter.
History of Section.
P.L. 2013, ch. 487, § 1; P.L. 2013, ch. 500, § 1; P.L. 2018, ch. 346, § 5.