Bill > SB045

This bill modifies the Colorado Public Benefit Corporation Act. The key provisions include: 1. Clarifying that a nonprofit corporation cannot be a party to a merger or conversion into a public benefit corporation. 2. Specifying that a director's ownership or interest in the stock of a public benefit corporation does not, alone, create a conflict of interest with respect to the director's decision to balance the interests of shareholders, the corporation's stated public benefit, and the interests of the community and society. 3. Establishing requirements for shareholders to bring an action to enforce the public benefit corporation's duty to balance those interests, including that the shareholders must own a certain percentage of the corporation's shares or have a minimum market value of shares. 4. Clarifying that the existence of the Public Benefit Corporation Act does not imply that different rules would apply to corporations that are not public benefit corporations.

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https://leg.colorado.gov/bills/sb22-045