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public benefit corporation |
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public benefit corporation n. a term used in some states for a non-profit community service corporation. Typical examples are service clubs like Kiwanis, Rotary, Soroptimists and Lions. (See: corporation) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The purpose of the statute, enacted in 1997, is to protect the public interest when the assets of a public-benefit corporation such as McKenzie-Willamette are transferred to a for-profit entity. Located in San Jose, California - the Capital of Silicon Valley - its mission, as a public-benefit corporation, is to inspire the innovator in everyone. The not-for-profit public-benefit corporation assumed the responsibility in March, 1998, when California opened its energy markets to competition and the state's investor-owned utilities turned their private transmission power lines over to the California ISO to manage. |
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