N.Y.
Business Corporation Law Section 1706
Corporate purposes
(a)
Every benefit corporation shall have a purpose of creating general public benefit. This purpose is in addition to its purposes under § 201 (Purposes)section two hundred one of this chapter and any specific purpose set forth in its certificate of incorporation under paragraph (b) of this section. The purpose to create general public benefit shall be a limitation on the other purposes of the benefit corporation, and shall control over any inconsistent purpose of the benefit corporation.(b)
The certificate of incorporation of a benefit corporation may identify one or more specific public benefits that it is the purpose of the benefit corporation to create in addition to its purposes under § 201 (Purposes)section two hundred one of this chapter and paragraph (a) of this section. The identification of a specific public benefit under this paragraph does not limit the obligation of a benefit corporation to create general public benefit.(c)
The creation of general and specific public benefits as provided in paragraphs (a) and (b) of this section is in the best interests of the benefit corporation.(d)
A benefit corporation may amend its certificate of incorporation to add, amend or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to create. The amendment shall not be effective unless it is adopted by at least the minimum status vote.
Source:
Section 1706 — Corporate purposes, https://www.nysenate.gov/legislation/laws/BSC/1706 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
