Bill > SB0667

This bill amends the Business Corporation Act to authorize the formation of benefit corporations and establish the duties of their officers and directors. Specifically, the bill adds a new chapter that defines a benefit corporation as a domestic corporation that has a general public benefit purpose and may also have specific public benefit purposes. The bill outlines the duties of benefit corporation directors and officers, including considering the impact of their actions on various stakeholders and the environment. The bill also establishes the right of certain parties to bring a "benefit enforcement proceeding" against the corporation or its directors and officers for failing to pursue the public benefit purposes. The bill provides that benefit corporations are not liable for monetary damages for this failure, and it gives shareholders the right to dissent and receive payment for their shares if the corporation amends its articles to become or cease being a benefit corporation.

Budget and Finance, Government Affairs

http://legislature.mi.gov/doc.aspx?2023-SB-0667