Legislation
SECTION 1836-B
Definitions
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 8, SUBTITLE 6
§ 1836-b. Definitions. When used in this subtitle, unless the context
otherwise requires:
1. "Agreement" means an employee ownership assistance loan agreement
made pursuant to this subtitle.
2. "Authority" means the job development authority created by section
one thousand eight hundred two of this chapter.
3. "Eligible project" means the acquisition or rehabilitation by an
employee ownership association of an existing industrial or
manufacturing plant located in this state for the purpose of operating
it as an employee-owned enterprise.
4. "Employee ownership association" means a corporation or other
association formed by or on behalf of the employees of an industrial or
manufacturing plant located in this state for the purpose of assuming
ownership or control of the plant and operating it as an employee-owned
enterprise or as a worker cooperative as defined in section eighty-one
of the cooperative corporations law.
5. "Employee-owned enterprise" means a business in which the employees
are represented on the board of directors and the employees control the
majority of the voting stock, or if the business is held in a trust
which controls the majority of the voting stock, the trustees are
elected by the employees. The term "employee-owned enterprise" shall
also refer to a worker cooperative as defined in section eighty-one of
the cooperative corporations law.
6. "Funding partner" means an entity which singly or in combination
with other entities has agreed to finance a portion of the project cost
of an eligible project, and may include the employee ownership
association undertaking the project as well as any financial entity.
7. "Plant" includes the site, structure, building and equipment and
all real and personal property in connection therewith, whether or not
in existence, and may include any road, railroad, or utility or
equipment appurtenant thereto.
8. "Project cost" includes all reasonable and necessary costs to be
incurred in the course of an eligible project, including any anticipated
acquisition, construction, land acquisition, improvements, equipment,
pertinent rights and easements, and associated technical, engineering,
legal and financial services.
otherwise requires:
1. "Agreement" means an employee ownership assistance loan agreement
made pursuant to this subtitle.
2. "Authority" means the job development authority created by section
one thousand eight hundred two of this chapter.
3. "Eligible project" means the acquisition or rehabilitation by an
employee ownership association of an existing industrial or
manufacturing plant located in this state for the purpose of operating
it as an employee-owned enterprise.
4. "Employee ownership association" means a corporation or other
association formed by or on behalf of the employees of an industrial or
manufacturing plant located in this state for the purpose of assuming
ownership or control of the plant and operating it as an employee-owned
enterprise or as a worker cooperative as defined in section eighty-one
of the cooperative corporations law.
5. "Employee-owned enterprise" means a business in which the employees
are represented on the board of directors and the employees control the
majority of the voting stock, or if the business is held in a trust
which controls the majority of the voting stock, the trustees are
elected by the employees. The term "employee-owned enterprise" shall
also refer to a worker cooperative as defined in section eighty-one of
the cooperative corporations law.
6. "Funding partner" means an entity which singly or in combination
with other entities has agreed to finance a portion of the project cost
of an eligible project, and may include the employee ownership
association undertaking the project as well as any financial entity.
7. "Plant" includes the site, structure, building and equipment and
all real and personal property in connection therewith, whether or not
in existence, and may include any road, railroad, or utility or
equipment appurtenant thereto.
8. "Project cost" includes all reasonable and necessary costs to be
incurred in the course of an eligible project, including any anticipated
acquisition, construction, land acquisition, improvements, equipment,
pertinent rights and easements, and associated technical, engineering,
legal and financial services.