Indeed. This is an encouraging idea. But in a broader sense -- applied to a whole sector of corporations, for example -- I'm curious how legally enforceable this kind of charter is, under the cited statute or under other laws governing incorporation.
Under what conditions can articles of incorporation be changed? Can't their investors force such a change? If so, it seems a large burden must be placed on choosing investors who are somehow legally bound under similar rules.
And what mechanism of enforcement exists? Presumably investor lawsuits are the main mechanism, which again puts a large burden on finding investors whose goals are not returns maximization. If this state statute specifies a distinct tax classification, perhaps there would then be state-level prosecutorial or administrative enforcement.
Under what conditions can articles of incorporation be changed? Can't their investors force such a change? If so, it seems a large burden must be placed on choosing investors who are somehow legally bound under similar rules.
And what mechanism of enforcement exists? Presumably investor lawsuits are the main mechanism, which again puts a large burden on finding investors whose goals are not returns maximization. If this state statute specifies a distinct tax classification, perhaps there would then be state-level prosecutorial or administrative enforcement.