Section 1 cites the chapter as the "Minnesota Public Benefit Corporation Act".
Section 2 provides definitions for purposes of the act.
Section 3 specifies that chapter 302A applies to corporations incorporated under this chapter, except as provided in sections 340A.04 and 340A.05.
Section 4 allows a for-profit corporation incorporated under this chapter to pursue one or more modes of public benefit as stated in its articles of incorporation. The secretary of state is required to maintain corporation records in a manner that clearly distinguishes public benefit corporations. Corporations incorporated under this chapter are required to include as part of its corporate name the phrase "public benefit corporation", or the abbreviation "PBC".
Section 5, subdivision 1 requires a director or officer of a public benefit corporation to discharge the duties of the position in a manner the person reasonably believes to be in the best interest of the corporation, as defined.
Section 5, subdivision 2 provides that nothing in this chapter creates liability to, or cause of action in favor of, a person other than the corporation or a shareholder.
Section 6, subdivision 1 requires the board of a public benefit corporation to provide reasonable, constructive opportunities for engagement and advisory input from stakeholders other than shareholders.
Section 6, subdivision 2 requires a public benefit corporation to make an annual report to the public on its financial condition that describes its efforts with respect to acheiving public benefit and constructive engagement with material stakeholder interests.