35-1-1409 . Officers -- duty -- limits. (1) Each officer of a benefit corporation shall consider the interests and factors described in 35-1-1406 in the manner provided in 35-1-1406 whenever the officer: (a) has discretion to act with respect to a matter; and (b) reasonably believes that the matter may have a material effect on: (i) the creation of general public benefit or a specific public benefit by the benefit corporation; or (ii) any of the interests or factors referred to in 35-1-1406 (2). (2) The consideration by an officer of interests and factors in the manner described in subsection (1) does not constitute a violation of the duties of the officer. (3) An officer is not liable for monetary damages under this part for: (a) any action taken as an officer if the officer performed the duties of the position in compliance with this section; or (b) any failure of the benefit corporation to create general public benefit or a specific public benefit. (4) An officer does not have a fiduciary duty to a person who is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
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