{"data":{"id":"us-ar/ark.-code-ann.-4-36-303","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 4-36-303","heading":"Standard of conduct for officers","body":"(a) An officer of a benefit corporation shall consider the interests and factors described in § 4-36-301 if: (1) The officer has discretion to act with respect to a matter; and (2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation. (b) The consideration of interests and factors described in subsection (a) of this section shall not constitute a violation of § 4-27-841 . (c) An officer is not personally liable for monetary damages for: (1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or (2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit. (d) An officer does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary. Added by Act 2013, No. 1388,§ 1, eff. 8/16/2013.\n\n(a) An officer of a benefit corporation shall consider the interests and factors described in § 4-36-301 if: (1) The officer has discretion to act with respect to a matter; and (2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation.\n\n(1) The officer has discretion to act with respect to a matter; and\n\n(2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation.\n\n(b) The consideration of interests and factors described in subsection (a) of this section shall not constitute a violation of § 4-27-841 .\n\n(c) An officer is not personally liable for monetary damages for: (1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or (2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.\n\n(1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or\n\n(2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.\n\n(d) An officer does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.","path":["AR Code","Title 4","Chapter 36","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"c9a2eb6b2f3b122c6c9ecb7bd6174828dfa14a3025b4ae5215a8bc15ac940d3c","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-4-36-302","next":"us-ar/ark.-code-ann.-4-36-304"},"notice":"GroundRules: Original legal text. Not legal advice."}