Arkansas § 4-36-305 - Right of action.

§ 4-36-305. Right of action.

Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit corporation or its directors or officers with respect to: Failure to pursue or create a general public benefit or a specific public benefit stated in its articles of incorporation; or Violation of a duty or standard of conduct under this chapter. A benefit corporation shall not be liable for monetary damages under this chapter for the failure of the benefit corporation to pursue a general public benefit or a specific public benefit. A benefit enforcement proceeding may begin and be maintained only: Directly by the benefit corporation; or Derivatively by: A shareholder; A director; A person or group of persons that owns beneficially or of record five percent (5%) or more of the equity interest in an entity of which the benefit corporation is a subsidiary at the time of the action or inaction complained of; or Other persons as named in the articles of incorporation or bylaws of the benefit corporation.