Chapter 061

2015 -- H 6039 SUBSTITUTE A Enacted 06/16/2015

A N   A C T

RELATING TO CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS

Introduced By: Representative Teresa A. Tanzi

Date Introduced: April 03, 2015

It is enacted by the General Assembly as follows:

SECTION 1. Section 7-5.3-13 of the General Laws in Chapter 7-5.3 entitled "Benefit

Corporations" is hereby amended to read as follows:

7-5.3-13. Availability of annual benefit report. -- (a) A benefit corporation shall send

its annual benefit report to each shareholder on the earlier of:

(1) One within one hundred twenty (120) days following the end of the fiscal year of the

benefit corporation; or except, that the first report shall be recorded the year following the

calendar year in which its articles of incorporation or its certificate of authority was issued by the

secretary of state.

(2) The same time that the benefit corporation delivers any other annual report to its

shareholders.

(b) A benefit corporation shall post all of its benefit reports on the public portion of its

Internet internet website, if any, but the compensation paid to directors and financial or

proprietary information included in the benefit reports may be omitted from the benefit reports as

posted.

(c) If a benefit corporation does not have an Internet internet website, the benefit

corporation shall provide a copy of its most recent benefit report, without charge, to any person

that requests a copy, but the compensation paid to directors and financial or proprietary

information included in the benefit report may be omitted from the copy of the benefit report

provided.

(d) Concurrently with the delivery of the benefit report to shareholders under subsection

(c), the benefit corporation shall deliver an annual report as specified in § 7-1.2-1501 together

with a copy of the benefit report specified in § 7-5.3-12 to the secretary of state for filing,. but the

The compensation paid to directors and financial or proprietary information included in the

benefit report may be omitted from the benefit report as delivered to the secretary of state. The

secretary of state shall charge a fee of ten dollars ($10.00) sixty dollars ($60.00) for filing a

benefit report the combined reports. Benefit corporations will not be subject to the annual report

filing period outlined in § 7-1.2-1501(c).

(e) If the secretary of state finds that the annual report conforms to the requirements of

this section, the secretary of state shall file the report. If the secretary of state finds that it does not

conform, the secretary of state shall promptly return the report to the corporation for any

necessary corrections, in which event the penalties subsequently prescribed for failure to file the

report within the time previously provided do not apply if the report is corrected to conform to the

requirements of this section and returned to the secretary of state within thirty (30) days from the

date on which it was mailed to the corporation by the secretary of state.

(f) Each corporation, domestic or foreign, that fails or refuses to file its annual report for

any year within thirty (30) days after the time prescribed by this chapter is subject to a penalty of

twenty-five dollars ($25.00) per year.

SECTION 2. This act shall take effect upon passage.

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LC002303/SUB A

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