805 ILCS 40/4.20

in effect

(805 ILCS 40/4.20) Sec. 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.)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026