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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