Section 16. (a) The annual benefit report shall be sent to each shareholder at the same time that the benefit corporation delivers any other annual report to its shareholders, or within 120 days following the end of the fiscal year of the benefit corporation.
(b) A benefit corporation shall post its most recent annual benefit report on the public portion of its website, if any, but the compensation paid to directors and financial, confidential or proprietary information included in the benefit report may be omitted from the benefit report as posted.
(c) If a benefit corporation does not have a website, the benefit corporation shall provide a copy of its most recent benefit report, without charge, to any person that requests a copy, but the compensation paid to directors and financial or proprietary information included in the benefit report may be omitted from the copy of the benefit report provided.
(d) The benefit corporation shall deliver a copy of the benefit report to the state secretary with its annual report required by section 16.22 of chapter 156D, but the compensation paid to directors and financial, confidential or proprietary information included in the benefit report may be omitted from the benefit report as filed. The state secretary shall charge a fee of $75 for filing a benefit report in addition to the fee required for the annual report.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 156e - Benefit Corporations
Section 4 - Organization of Benefit Corporation
Section 5 - Election by Existing Corporation to Convert to Benefit Corporation
Section 6 - Termination of Status as Benefit Corporation
Section 8 - Creation for Benefit Corporation Resulting From Merger, Share Exchange or Conversion
Section 9 - General Public Benefit; Specific Public Benefit
Section 13 - Benefit Officer; Powers and Duties
Section 14 - Benefit Enforcement Proceeding