Terms Used In Rhode Island General Laws 7-5.3-10

• Benefit officer: means the individual, if any, designated as the benefit officer of a benefit corporation under 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.
• 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 Rhode Island General Laws 7-5.3-2
• Specific public benefit: includes :

  (i)  Providing low-income or underserved individuals or communities with beneficial products or services;

  (ii)  Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;

  (iii)  Protecting or restoring the environment;

  (iv)  Improving human health;

  (v)  Promoting the arts, sciences, or advancement of knowledge;

  (vi)  Increasing the flow of capital to entities with a purpose to benefit society or the environment; and

  (vii)  Conferring any other particular benefit on society or the environment. See Rhode Island General Laws 7-5.3-2

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