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Va. Code Ann. § 13.1-787

Corporate purposes

Known as the Virginia Stock Corporation Act

The act spans §§ 13–13 (265 sections).

Applied in 2 court decisions — leading case 134 S. Ct. 2751 - Burwell v. Hobby Lobby Stores, Inc. (2014)

Most recently applied in 134 S. Ct. 2751 - Burwell v. Hobby Lobby Stores, Inc. (June 2014)

2011, c. 698.

A. A benefit corporation shall have as one of its purposes the purpose of creating a general public benefit. The articles of incorporation of a benefit corporation may identify one or more specific public benefits that it is the purpose of the benefit corporation to create. A specific public benefit may also be specified in the bylaws or otherwise adopted by the board of directors. This purpose is in addition to its purpose under § 13.1-626.

B. The creation of a general public benefit and one or more specific public benefits, if any, under subsection A is in the best interests of the benefit corporation.

C. A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to create, which amendment shall be adopted in accordance with the procedures set forth in § 13.1-707.

Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.