{"data":{"id":"us-md/md.-code-corporations-and-associations-5-6c-01","jurisdiction":"us-md","citation":"Md. Code, Corporations and Associations § 5–6C–01","heading":"","body":"(a) In this subtitle the following words have the meanings indicated.\n(b) “Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 of this subtitle.\n(c) “General public benefit” means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits.\n(d) “Specific public benefit” includes:\n(1) Providing individuals or communities with beneficial products or services;\n(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;\n(3) Preserving the environment;\n(4) Improving human health;\n(5) Promoting the arts, sciences, or advancement of knowledge;\n(6) Increasing the flow of capital to entities with a public benefit purpose; or\n(7) The accomplishment of any other particular benefit for society or the environment.\n(e) “Third–party standard” means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:\n(1) Is developed by a person or entity that is independent of the benefit corporation; and\n(2) Is transparent because the following information about the standard is publicly available or accessible:\n(i) The factors considered when measuring the performance of a business;\n(ii) The relative weightings of those factors; and\n(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.","path":["Article - Corporations and Associations"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gca\u0026section=5-6C-01","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:43Z","sha256":"496d60f310dfd66f7b6d35a49158fe7a235a590d3ca81ee50d34bd52e6c15171","source_id":"us-md","stale":false,"prev":"us-md/md.-code-corporations-and-associations-5-6b-33","next":"us-md/md.-code-corporations-and-associations-5-6c-02"},"notice":"GroundRules: Original legal text. Not legal advice."}