Bill > HB3488

This bill authorizes the creation of public benefit corporations in Texas. Public benefit corporations are for-profit corporations that are intended to produce a public benefit or benefits and operate in a responsible and sustainable manner, balancing the pecuniary interests of shareholders with the best interests of those materially affected by the corporation's conduct and the specific public benefit(s) stated in the corporation's certificate of formation. The bill sets out the requirements and procedures for a for-profit corporation to elect to be a public benefit corporation, as well as provisions regarding the duties of directors, shareholder rights, and reporting obligations for public benefit corporations.

Agriculture and Natural Resources, Business and Industry

http://www.legis.state.tx.us/BillLookup/History.aspx?LegSess=85R&Bill=HB3488