An officer of a benefit corporation shall have no liability for actions taken that the officer believes, in his good faith business judgment, are consistent with (i) the general public benefit or specific public benefit specified in the articles of incorporation or bylaws or otherwise adopted by the board of directors and (ii) the requirements of any third-party standard then in effect for the corporation.
Va. Code Ann. § 13.1-789
Limitation upon liability of officers
Known as the Virginia Stock Corporation Act
The act spans §§ 13.1-601 to 13.1-792 (265 sections).
2011, c. 698.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.