ND HB1466

Creates chapter 10-37 of North Dakota Century Code establishing the "North Dakota Public Benefit Corporation Act" to allow corporations to elect status as either general benefit or specific benefit corporations.

General benefit corporations must pursue net material positive impact on society, environment, and well-being of present and future generations, while specific benefit corporations pursue one or more enumerated specific public benefits stated in their articles.

Directors of general benefit corporations must consider effects on the corporation's ability to pursue public benefits and cannot prioritize shareholder pecuniary interests without articles identifying such priority; directors of specific benefit corporations must consider both shareholder interests and specific public benefit purposes.

Requires annual reports describing how corporations pursued and created their stated public benefits; general benefit corporations must identify and apply a third-party standard for measuring performance.

Becomes effective January 1, 2020, or upon secretary of state certification that information technology systems are ready for implementation, whichever occurs first.