Subdivision 1. Incorporation. A public benefit corporation must be incorporated in accordance with chapter 302A, and its articles must also state that the public benefit corporation is a:
(1) general benefit corporation;
(2) general benefit corporation that also elects to pursue a specific public benefit purpose as stated in its articles; or
(3) a specific benefit corporation that elects to pursue a specific public benefit purpose as stated in its articles.
Subd. 2. Name requirements. A public benefit corporation name must comply with the requirements of section 302A.115 other than subdivision 1, paragraph (b), and with respect to:
(1) a general benefit corporation, contain the words "general benefit corporation," or the abbreviation "GBC;" and
(2) a specific benefit corporation, contain the words "specific benefit corporation," or the abbreviation "SBC."
History:2014 c 172 s 4