Update Public Benefit Corporation Requirements

The bill:

• Authorizes a limited cooperative association to operate as a public benefit corporation;
• Deletes the requirement that a public benefit corporation's entity name explicitly refer to its status as a public benefit corporation, and instead requires that before issuing shares of stock or disposing of treasury shares that are not required to be federally registered, the public benefit corporation must provide notice to the person to whom the stock is issued or who acquires the treasury shares that it is a public benefit corporation ( section 1 of the bill);
• Subjects transactions to opt out of status as a public benefit corporation to the requirement to get shareholder approval ( section 2 );
• Clarifies the requirements applicable to the filing of the annual public benefit report ( section 4 );
• Clarifies that the existence of a provision of the public benefit corporation law does not of itself create an implication that a contrary or different rule of law is or would be applicable to an entity that is not a public benefit corporation ( section 5 ); and
• Appropriates $30,488 from the department of state cash fund to the department of state for the implementation of the act.
  (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)