Illinois § 4.20
Full text of Illinois Illinois Compiled Statutes § 4.20, with citation guidance and answers to common questions.
§ 4.20.
Right of action; benefit enforcement proceeding. (a) No person may bring an action or assert a claim against a benefit corporation or its directors or officers with respect to failure to pursue or create general public benefit or a specific public benefit set forth in its articles of incorporation or violation of a duty or standard of conduct under this Act except in a benefit enforcement proceeding. (b) A benefit enforcement proceeding may be commenced or maintained only: (1) directly by the benefit corporation; or (2) derivatively by: (A) a shareholder; (B) a director; (C) a person or group of persons that owns beneficially or of record 5% or more of the equity interests in an entity of which the benefit corporation is a subsidiary; or (D) other persons as specified in the articles of incorporation or bylaws of the benefit corporation. (c) A benefit corporation shall not be liable for monetary damages under this Act for any failure of the benefit corporation to pursue or create general public benefit or a specific public benefit. (Source: P.A. 97-885, eff. 1-1-13.)
Frequently Asked Questions About Illinois § 4.20
What does Illinois Compiled Statutes § 4.20 cover?
Section 4.20 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 4.20?
A common citation format is "Illinois Compiled Statutes § 4.20" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 4.20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.