(a) In this subtitle the following words have the meanings indicated. (b) "Benefit corporation" means a Maryland corporation that elects to be a benefit corporation in accordance with § 5-6C-03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5-6C-04 of this subtitle. (c) "General public benefit" means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits. (d) "Specific public benefit" includes: (1) Providing individuals or communities with beneficial products or services; (2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; (3) Preserving the environment; (4) Improving human health; (5) Promoting the arts, sciences, or advancement of knowledge; (6) Increasing the flow of capital to entities with a public benefit purpose; or (7) The accomplishment of any other particular benefit for society or the environment. (e) "Third-party standard" means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that: (1) Is developed by a person or entity that is independent of the benefit corporation; and (2) Is transparent because the following information about the standard is publicly available or accessible: (i) The factors considered when measuring the performance of a business; (ii) The relative weightings of those factors; and (iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
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