Source: https://code.dccouncil.us/dc/council/code/titles/29/chapters/13/subchapters/I/
Timestamp: 2020-02-25 18:03:14
Document Index: 201856981

Matched Legal Cases: ['§ 29', '§ 29', '§ 29', '§ 29', '§ 29', '§ 29', '§ 29']

D.C. Law Library - Subchapter I. Preliminary Provisions.
Chapter 13. Benefit Corporations.
Subchapter II. Corporate Purposes.
Subchapter I. Preliminary Provisions.
§ 29–1301.04. Formation of benefit corporations.
§ 29–1301.05. Election of status.
§ 29–1301.06. Termination of status.
This chapter may be cited as the “Benefit Corporation Act of 2012”.
(a) This chapter shall be applicable to all benefit corporations.
(b) This chapter shall not affect a statute or rule of law that is applicable to a business corporation that is not a benefit corporation, and shall not in and of itself create an implication that a contrary or different rule is applicable to a business corporation and not a benefit corporation.
(c) Except as otherwise provided in this chapter, Chapters 1, 2, and 3 of this title shall apply to a benefit corporation organized under this chapter. A benefit corporation may simultaneously be subject to this chapter and one or more other chapters of this title.
(d) A provision of the articles of incorporation or bylaws of a benefit corporation may not relax, be inconsistent with, or supersede a provision of this chapter.
A benefit corporation must be formed in accordance with Chapter 3 of this title, but its articles of incorporation must also state that it is a benefit corporation.
(a) An existing business corporation may become a benefit corporation under this chapter by amending its articles of incorporation so that they contain, in addition to the requirements of § 29-308.01, a statement that the corporation is a benefit corporation. To be effective, the amendment must be adopted by at least the minimum status vote.
(b)(1) This subsection applies if all of the following apply:
(A) An entity that is not a benefit corporation is:
(i) A party to a merger or consolidation; or
(ii) The exchanging entity in a share exchange; and
(B) The surviving, new, or resulting entity in the merger, consolidation, or share exchange is to be a benefit corporation.
(2) To be effective, a plan of merger, consolidation or share exchange subject to this subsection must be adopted by at least the minimum status vote.
This section is referenced in § 29-1301.06.
(a) A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this chapter by amending its articles of incorporation and deleting the provision required by § 29-1301.05. To be effective, the amendment must be adopted by at least the minimum status vote.
(b) If a plan would have the effect of terminating the status of a business corporation as a benefit corporation, to be effective, the plan must be adopted by at least the minimum status vote. Any sale, lease, exchange, or other disposition of all or substantially all of the assets of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless the transaction is approved by at least the minimum status vote.
This section is referenced in § 29-1301.02.