- A PBC is a for-profit corporation intended to produce a public benefit and to operate in a responsible and sustainable manner. To that end, a PBC shall be managed in a manner that balances the stockholders’ pecuniary interests, the best interests of those materially affected by the corporation’s conduct, and the public benefit identified in its charter. The PBC’s charter shall:
- Identify within its statement of business or purpose pursuant to § 102(a)(3) one or more specific public benefits to be promoted; and
- State within its heading that it is a PBC.
- “Public benefit” means a positive effect (or reduction of negative effects) on 1 or more categories of persons, entities, communities or interests (other than stockholders in their capacities as stockholders). “Public benefit provisions” means the charter provisions contemplated by this subchapter.
- The name of the PBC may contain the words “public benefit corporation,” or the abbreviation “P.B.C.,” or the designation “PBC” (which shall satisfy the requirements of § 102(a)(l)(i)). Otherwise, the corporation shall provide notice that it is a PBC to any person to whom it conveys shares, unless the conveyance is pursuant to an offering registered under the Securities Act, or the corporation has securities registered under the Exchange Act.