Sec. 21.952. DEFINITIONS. In this subchapter:
(1) "Public benefit" means a positive effect, or a reduction of a negative effect, on one or more categories of persons, entities, communities, or interests, other than shareholders in their capacities as shareholders of the corporation, including effects of an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific, or technological nature.
(2) "Public benefit corporation" means a domestic for-profit corporation that elects under Section 3.007(e) to be a public benefit corporation governed by this subchapter.
(3) "Public benefit provisions" means the provisions of a certificate of formation that are required by Section 3.007(e) and this subchapter.
Added by Acts 2017, 85th Leg., R.S., Ch. 776 (H.B. 3488), Sec. 4, eff. September 1, 2017.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter S. Public Benefit Corporations
Section 21.951. Law Applicable to Public Benefit Corporations; Formation
Section 21.953. Purpose of Public Benefit Corporation; Name of Corporation
Section 21.954. Certain Amendments, Mergers, Exchanges, and Conversions; Voter Approval Required
Section 21.955. Stock Certificates; Notices Regarding Uncertificated Stock
Section 21.956. Duties of Directors
Section 21.957. Periodic Statements