§ 204 — Employee ownership advisory board; members; term; meetings; duties

[ Subsection (a) effective until February 18, 2025. For text effective February 18, 2025, see below.]Section 204. (a) There shall be an advisory board on employee ownership that shall consist of: the director of the Massachusetts office of business development or their designee, the secretary of labor and workforce development or their designee, the president of the Massachusetts growth capital corporation or their designee, the chief executive officer of Associated Industries of Massachusetts, Inc. or their designee, the executive director of the Center for Economic Democracy, Inc. or their designee, the chapter president of the New England chapter of the ESOP Association or their designee, the president of AFL-CIO of Massachusetts or their designee, the president of the University of Massachusetts or their designee, and 7 additional members appointed by the governor who shall represent separate and distinct corporations, each with not less than 30 per cent of company stock owned by an employee stock ownership plan or an employee ownership trust, and 4 additional members appointed by the governor who shall represent separate and distinct industrial or worker cooperatives.[ Subsection (a) as amended by 2024, 238, Sec. 3 effective February 18, 2025. See 2024, 238, Sec. 331. For text effective until February 18, 2025, see above.](a) There shall be an advisory board on employee ownership that shall consist of: the director of the Massachusetts office of business development or their designee, the secretary of labor and workforce development or their designee, the executive director of the Massachusetts Development Finance Agency or their designee, the chief executive officer of Associated Industries of Massachusetts, Inc. or their designee, the executive director of the Center for Economic Democracy, Inc. or their designee, the chapter president of the New England chapter of the ESOP Association or their designee, the president of AFL-CIO of Massachusetts or their designee, the president of the University of Massachusetts or their designee, and 7 additional members appointed by the governor who shall represent separate and distinct corporations, each with not less than 30 per cent of company stock owned by an employee stock ownership plan or an employee ownership trust, and 4 additional members appointed by the governor who shall represent separate and distinct industrial or worker cooperatives.(b) Each appointed member shall serve for a term of 4 years. Upon expiration of the term, a successor shall be appointed, in the same manner. Any member shall be eligible for reappointment but shall not serve for longer than 8 consecutive years. Vacancies shall be filled in the same manner as the original appointment for the remainder of the unexpired term. Any member may be removed from their appointment by a vote of the majority of the advisory board.(c) Ten members of the board shall constitute a quorum and the affirmative vote of 10 members shall be necessary and sufficient for any action to be taken by the board. The board shall meet not less than 3 times annually; provided, however, that remote participation in meetings shall be allowed. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the board. Any action taken by the board may be authorized by resolution at any regular or special meeting and shall take effect immediately unless otherwise provided in the resolution.(d) There shall be a chair and a vice chair of the board elected annually at the first meeting of the advisory board. The board may elect such other officers as it deems necessary.(e) The board shall advise the governor and the executive director of the Massachusetts center for employee ownership on issues and policy matters pertaining to employee involvement and ownership in the commonwealth. Staff members of the Massachusetts center for employee ownership shall support the administrative functions of the board.(f) The board shall advise the director of the Massachusetts office of business development on the selection of a director of the Massachusetts center for employee ownership.(g) The board shall adopt by-laws, operating rules, procedures and a mission statement.