{"id":685,"date":"2019-07-18T20:45:37","date_gmt":"2019-07-18T20:45:37","guid":{"rendered":"http:\/\/simplifiedcodes.com\/?page_id=685"},"modified":"2020-07-22T18:26:49","modified_gmt":"2020-07-22T18:26:49","slug":"%c2%a7-365-duties-of-directors","status":"publish","type":"page","link":"https:\/\/simplifiedcodes.com\/?page_id=685","title":{"rendered":"\u00a7 365 Duties of directors."},"content":{"rendered":"<ol style=\"list-style-type: lower-alpha;\">\n<li><strong>[standard of conduct]<\/strong> \u201cThe board of directors shall manage or direct the business and affairs of the PBC in a manner that balances the pecuniary interests of the stockholders, the best interests of those materially affected by the corporation&#8217;s conduct, and the specific public benefit or public benefits identified in its certificate of incorporation.\u201d<\/li>\n<li><strong>[no duties to non-stockholders; standard of review]<\/strong> Directors of a PBC shall not, by virtue of the public benefit provisions or \u00a7 362(a), have any duty to non-stockholders and, \u201cwith respect to a decision implicating the balance requirement in subsection (a),\u201d will satisfy their \u201cfiduciary duties to stockholders and the corporation if such director&#8217;s decision is both informed and disinterested and not such that no person of ordinary, sound judgment would approve.\u201d<\/li>\n<li><strong>[liability waiver, indemnification, etc.]<\/strong> A director\u2019s ownership of or other interest in the PBC\u2019s stock shall not alone create a conflict of interest in a decision implicating subsection (a)\u2019s balancing requirement, except to the extent that such ownership or interest would create a conflict of interest if the corporation were not a PBC. In the absence of a conflict of interest, failure to satisfy that balancing requirement is not, for the purposes of \u00a7 102(b)(7) or \u00a7 145, an act or omission not in good faith, or a breach of the duty of loyalty, unless the charter so provides.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>[standard of conduct] \u201cThe board of directors shall manage or direct the business and affairs of the PBC in a manner that balances the pecuniary interests of the stockholders, the best interests of those materially affected by the corporation&#8217;s conduct, and the specific public benefit or public benefits identified in its certificate of incorporation.\u201d [no [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":372,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"_links":{"self":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/685"}],"collection":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=685"}],"version-history":[{"count":3,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/685\/revisions"}],"predecessor-version":[{"id":796,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/685\/revisions\/796"}],"up":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/372"}],"wp:attachment":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}