Texas Business Organizations Code 21.957 – Periodic Statements
(a) A public benefit corporation shall include in each notice of a meeting of shareholders a statement to the effect that the corporation is a public benefit corporation governed by this subchapter.
(b) A public benefit corporation, at least biennially, shall provide to the corporation’s shareholders a statement pertaining to the corporation’s promotion of the public benefit or benefits specified in the corporation’s certificate of formation and promotion of the best interests of those materially affected by the corporation’s conduct. The statement must include:
(1) the objectives the board of directors has established to promote the public benefit or benefits and interests;
(2) the standards the board of directors has adopted to measure the corporation’s progress in promoting the public benefit or benefits and interests;
(3) objective factual information based on those standards regarding the corporation’s success in meeting the objectives for promoting the public benefit or benefits and interests; and
(4) an assessment of the corporation’s success in meeting the objectives and promoting the public benefit or benefits and interests.
Terms Used In Texas Business Organizations Code 21.957
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - 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.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
(c) The certificate of formation or bylaws of a public benefit corporation may require that the corporation:
(1) provide the statement required by Subsection (b) more frequently than biennially; or
(2) make the statement required by Subsection (b) available to the public.