BENEFIT CORPORATION ACT Senate SponsorsSen. Michael W. Frerichs and Heather A. Steans-Michael Noland-Jacqueline Y. Collins House Sponsors(Rep. Sara Feigenholtz-Carol A. Sente-Sidney H. Mathias-Karen May, André M. Thapedi, Michael J. Zalewski, Jason Barickman, Greg Harris, Mike Fortner, Robyn Gabel and Kimberly du Buclet) 8/2/2012SenatePublic Act . . . . . . . . . 97-0885 New ActCreates the Benefit Corporation Act. Provides that a corporation may elect to become a benefit corporation by amending its articles of incorporation. Provides that in addition to its purposes under the Business Corporation Act of 1983 and any specific purpose set forth in its articles of incorporation, a benefit corporation shall have a purpose of creating general public benefit. Requires the preparation of an annual report for specified distribution and filing with the Secretary of State. Defines key terms and contains provisions concerning accountability and transparency.Senate Committee Amendment No. 1 Removes the requirement that a benefit corporation file a copy of its annual benefit report with the Secretary of State.Senate Floor Amendment No. 2 Provides that a benefit corporation is subject to the restrictions and liabilities of other corporations except provided in this Act. 2/1/2012SenateFiled with Secretary by Sen. Michael W. Frerichs 2/1/2012SenateFirst Reading 2/1/2012SenateReferred to Assignments 2/7/2012SenateAssigned to Judiciary 2/8/2012SenateAdded as Co-Sponsor Sen. Heather A. Steans 2/22/2012SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs 2/22/2012SenateSenate Committee Amendment No. 1 Referred to Assignments 2/22/2012SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary 2/23/2012SenatePostponed - Judiciary 2/23/2012SenateSenate Committee Amendment No. 1 Postponed - Judiciary 2/27/2012SenateAdded as Chief Co-Sponsor Sen. Michael Noland 2/28/2012SenateSenate Committee Amendment No. 1 Adopted 2/28/2012SenateDo Pass as Amended Judiciary; 009-002-000 2/28/2012SenatePlaced on Calendar Order of 2nd Reading February 29, 2012 3/1/2012SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Michael W. Frerichs 3/1/2012SenateSenate Floor Amendment No. 2 Referred to Assignments 3/1/2012SenateSecond Reading 3/1/2012SenatePlaced on Calendar Order of 3rd Reading March 6, 2012 3/6/2012SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary 3/27/2012SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 009-000-000 3/28/2012SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/28/2012SenateRecalled to Second Reading 3/28/2012SenateSenate Floor Amendment No. 2 Adopted; Frerichs 3/28/2012SenatePlaced on Calendar Order of 3rd Reading 3/28/2012SenateVerified 3/28/2012SenateThird Reading - Passed; 030-021-001 3/28/2012HouseArrived in House 3/28/2012HouseChief House Sponsor Rep. Sara Feigenholtz 3/28/2012HousePlaced on Calendar Order of First Reading 3/28/2012HouseFirst Reading 3/28/2012HouseReferred to Rules Committee 3/30/2012HouseAdded Alternate Chief Co-Sponsor Rep. Carol A. Sente 4/16/2012HouseAssigned to Judiciary I - Civil Law Committee 4/19/2012HouseAdded Alternate Co-Sponsor Rep. André M. Thapedi 4/25/2012HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 009-002-000 4/25/2012HousePlaced on Calendar 2nd Reading - Short Debate 4/25/2012HouseAdded Alternate Co-Sponsor Rep. Michael J. Zalewski 4/25/2012HouseAdded Alternate Chief Co-Sponsor Rep. Sidney H. Mathias 4/30/2012HouseAdded Alternate Co-Sponsor Rep. Jason Barickman 5/2/2012HouseSecond Reading - Short Debate 5/2/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/9/2012HouseAdded Alternate Co-Sponsor Rep. Greg Harris 5/10/2012HouseAdded Alternate Chief Co-Sponsor Rep. Karen May 5/10/2012HouseAdded Alternate Co-Sponsor Rep. Mike Fortner 5/10/2012HouseThird Reading - Short Debate - Passed 066-047-000 5/10/2012HouseAdded Alternate Co-Sponsor Rep. Robyn Gabel 5/10/2012HouseAdded Alternate Co-Sponsor Rep. Kimberly du Buclet 5/10/2012SenatePassed Both Houses 6/8/2012SenateSent to the Governor 8/2/2012SenateGovernor Approved 8/2/2012SenateEffective Date January 1, 2013 8/2/2012SenatePublic Act . . . . . . . . . 97-0885