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Md. Code, Corps. & Ass'ns § 5-6C-07

Md. Code, Corps. & Ass'ns § 5-6C-07

Maryland · Maryland Code, Corporations and Associations · Status: effective

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Md. Code, Corps. & Ass'ns § 5-6C-07, Maryland, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1759484
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(a) A director of a benefit corporation, in performing the duties of a director, including the director’s duties as a member of a committee and in addition to the duties described in § 2–405.1 of this article: (1) In determining what the director reasonably believes to be in the best interests of the benefit corporation, shall consider the effects of any action, or decision not to act, on: (i) The stockholders of the benefit corporation; (ii) The employees and workforce of the benefit corporation and the subsidiaries and suppliers of the benefit corporation; (iii) The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit corporation; (iv) Community and societal considerations, including those of any community in which offices or facilities of the benefit corporation or the subsidiaries or suppliers of the benefit corporation are located; and (v) The local and global environment; and (2) May consider any other pertinent factors or the interests of any other group that the director determines are appropriate to consider. (b) A director of a benefit corporation, in the performance of duties in that capacity, does not have any duty to a person that is a beneficiary of the public benefit purposes of the benefit corporation. (c) A director of a benefit corporation, in the reasonable performance of duties in accordance with the standard provided in this subtitle, shall have the immunity from liability described in § 5–417 of the Courts Article.