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Senate Bill 849 |
Senate Author: Carona |
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Effective: 9-1-13 |
House Sponsor: Oliveira |
Senate Bill 849 amends the Business Organizations Code to authorize a for-profit corporation to adopt a social purpose in its certificate of formation. Social purposes consist of promoting positive impacts on society or the environment or of minimizing adverse impacts of the corporation's activities on society or the environment. The corporation may require the board of directors and officers of the corporation to consider such social purposes in making decisions relating to the corporation's business and activities.