On February 10, 2012, New York’s new Benefit Corporation Law went into effect, making New York the seventh state to enact benefit corporation legislation. Laws are also in effect in Maryland (the first, effective October 1, 2010), neighboring New Jersey (effective March 1, 2011), Vermont (effective July 1, 2011), Virginia (effective July 1, 2011), Hawaii (effective July 8, 2011), and California (effective January N1, 2012).
Article 17, Benefit Corporations, has been added to the Business Corporation Law of New York. It provides for the constitution and operation of benefit corporations, certain requirements which are unique to this type of corporation, and a procedure for converting an existing business corporation into a benefit corporation.
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