Chapter 607 Section 604 - 2023 Florida Statutes

2023 Florida Statutes

Title XXXVI BUSINESS ORGANIZATIONS

Chapter 607 FLORIDA BUSINESS CORPORATION ACT

SECTION 604Election of benefit corporation status.

607.604 Election of benefit corporation status.—

(1) An existing corporation may become a benefit corporation under this part by amending its articles of incorporation to include a statement that the corporation is a benefit corporation under this part. The amendment must be adopted by the minimum status vote.

(2) A plan of merger, domestication, conversion, or share exchange must be adopted by the minimum status vote if an entity that is not a benefit corporation is a party to a merger, domestication, or conversion or if the exchanging entity in a share exchange and the surviving, new, or resulting entity is, or will be, a benefit corporation.

(3) If an entity elects to become a benefit corporation by amendment of the articles of incorporation or by a merger, domestication, conversion, or share exchange, the shareholders of the entity are entitled to appraisal rights under and pursuant to ss. 607.1301-607.1340.

History.—s. 24, ch. 2014-209; s. 233, ch. 2019-90.