Re:Wells Fargo Is Accused of Making Improper Changes to Mort...
by cmurf on Thursday June 15, 2017 @12:13PM
(#14561700)
Locality is one aspect that helps incentivize a bank being a "good local citizen".
Another might be a "benefit corporation" which is a kind of entity that can be created in 30 states. I'm not aware of any state dissolution of corporations or shareholder lawsuits to enforce such articles of incorporation. But at least in theory, the reason why a corporation is "for profit" or "not for profit" is because it's in their articles of incorporation, so any other purpose for the corporation set out ought to be enforcible as long as it's not vague nonsense.
For example "make some people happy" might mean you can be an dick company, but if you make a really slick iphone app that people "like" then you've complied? This is something ethical startup founders would have to write into the articles of incorporation to bind future board of directors even once the founders aren't majority shareholders, is how I understand it.
Another might be a "benefit corporation" which is a kind of entity that can be created in 30 states. I'm not aware of any state dissolution of corporations or shareholder lawsuits to enforce such articles of incorporation. But at least in theory, the reason why a corporation is "for profit" or "not for profit" is because it's in their articles of incorporation, so any other purpose for the corporation set out ought to be enforcible as long as it's not vague nonsense.
For example "make some people happy" might mean you can be an dick company, but if you make a really slick iphone app that people "like" then you've complied? This is something ethical startup founders would have to write into the articles of incorporation to bind future board of directors even once the founders aren't majority shareholders, is how I understand it.
https://en.wikipedia.org/wiki/Benefit_corporation