| Chapter 065 |
| 2015 -- S 0810 SUBSTITUTE A Enacted 06/16/2015 |
| A N A C T |
| RELATING TO CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS |
| Introduced By: Senator William A. Walaska |
| Date Introduced: April 09, 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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| LC002347/SUB A |
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