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D.C. Benefit Corporation Legislation May Pass Next Week

The District of Columbia is on track to be the thirteenth jurisdiction to pass a benefit corporation statute. The Benefit Corporation Act of 2012 received initial approval of the D.C. Council on December 4, 2012, and is up for a final vote on December 18. It is expected to pass as 11 council members voted affirmatively on the 4th (two council member votes were absent or vacant but none voted against the bill). Here is the bill. I very briefly reviewed the proposed legislation and it seems to follow the model legislation, with no variations as California and Massachusetts have added.

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