SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2011 SESSION
HB 2358 Benefit corporations; definition, requirements.
Introduced by: Jennifer L. McClellan | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Benefit corporations. Authorizes a Virginia stock corporation to elect to be a benefit corporation. A benefit corporation is required to have, as one of its purposes, the purpose of creating a general public benefit, which is defined as a material positive impact on society and the environment taken as a whole, as measured by a third-party standard, from the business and operations of a benefit corporation. In addition, a benefit corporation may have the purpose of creating one or more specific public benefits, which include providing low-income or underserved individuals or communities with beneficial products or services; promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; preserving the environment; improving human health; promoting the arts, sciences, or advancement of knowledge; increasing the flow of capital to entities with a public benefit purpose; and conferring any other particular benefit on society or the environment. In discharging their duties and considering the best interests of the benefit corporation, the board of directors and individual directors consider the effects of any corporate action on shareholders, employees, customers, and other persons and issues. A benefit corporation shall deliver to shareholders an annual report describing the ways in which the corporation generally pursued its general public benefit and related matters. A copy of the report shall be posted on the corporation's website.
FULL TEXT
- 01/12/11 House: Prefiled and ordered printed; offered 01/12/11 11100529D pdf | impact statement
- 01/27/11 House: Committee substitute printed 11104181D-H1 pdf | impact statement
- 03/03/11 House: Bill text as passed House and Senate (HB2358ER) pdf | impact statement
- 03/26/11 Governor: Acts of Assembly Chapter text (CHAP0698) pdf
HISTORY
- 01/12/11 House: Prefiled and ordered printed; offered 01/12/11 11100529D
- 01/12/11 House: Referred to Committee on Commerce and Labor
- 01/21/11 House: Assigned C & L sub: #2
- 01/27/11 House: Reported from Commerce and Labor with substitute (20-Y 1-N)
- 01/27/11 House: Committee substitute printed 11104181D-H1
- 01/31/11 House: Read first time
- 02/01/11 House: Read second time
- 02/01/11 House: Committee substitute agreed to 11104181D-H1
- 02/01/11 House: Engrossed by House - committee substitute HB2358H1
- 02/02/11 House: Read third time and passed House (97-Y 0-N)
- 02/02/11 House: VOTE: PASSAGE (97-Y 0-N)
- 02/03/11 Senate: Constitutional reading dispensed
- 02/03/11 Senate: Referred to Committee on Commerce and Labor
- 02/21/11 Senate: Reported from Commerce and Labor (13-Y 0-N)
- 02/22/11 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/23/11 Senate: Read third time
- 02/23/11 Senate: Passed Senate (40-Y 0-N)
- 03/03/11 House: Enrolled
- 03/03/11 House: Bill text as passed House and Senate (HB2358ER)
- 03/03/11 House: Signed by Speaker
- 03/06/11 Senate: Signed by President
- 03/26/11 Governor: Approved by Governor-Chapter 698 (effective 7/1/11)
- 03/26/11 Governor: Acts of Assembly Chapter text (CHAP0698)