SECTION 607.511. Right of action.

• (1)(a) Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a social purpose corporation or its directors or officers with respect to:

  1. A failure to pursue or create a public benefit or a specific public benefit set forth in its articles of incorporation; or

  2. A violation of an obligation, duty, or standard of conduct under this part.

  (b) A social purpose corporation is not liable for monetary damages under this part for the failure of the social purpose corporation to pursue or create a public benefit or a specific public benefit.
  (2) A benefit enforcement proceeding may be commenced or maintained only:

  (a) Directly by the social purpose corporation; or

  (b) Derivatively by:

  1. A shareholder of record on the date of the action or inaction complained of in the benefit enforcement proceeding;

  2. A director;

  3. A person or group of persons that owns beneficially or of record 5 percent or more of the outstanding equity interests in an entity of which the social purpose corporation is a subsidiary on the date of the action or inaction complained of in the benefit enforcement proceeding; or

  4. Any other person who is specified in the articles of incorporation or bylaws of the social purpose corporation.

History.-s. 17, ch. 2014-209.

History.-s. 17, ch. 2014-209.