§ 1836-b. Definitions. When used in this subtitle, unless the context\notherwise requires:\n 1. "Agreement" means an employee ownership assistance loan agreement\nmade pursuant to this subtitle.\n 2. "Authority" means the job development authority created by section\none thousand eight hundred two of this chapter.\n 3. "Eligible project" means the acquisition or rehabilitation by an\nemployee ownership association of an existing industrial or\nmanufacturing plant located in this state for the purpose of operating\nit as an employee-owned enterprise.\n 4. "Employee ownership association" means a corporation or other\nassociation formed by or on behalf of the employees of an industrial or\nmanufacturing plant located in this state for the purpose of assuming\nownership or control of th
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§ 1836-b. Definitions. When used in this subtitle, unless the context\notherwise requires:\n 1. "Agreement" means an employee ownership assistance loan agreement\nmade pursuant to this subtitle.\n 2. "Authority" means the job development authority created by section\none thousand eight hundred two of this chapter.\n 3. "Eligible project" means the acquisition or rehabilitation by an\nemployee ownership association of an existing industrial or\nmanufacturing plant located in this state for the purpose of operating\nit as an employee-owned enterprise.\n 4. "Employee ownership association" means a corporation or other\nassociation formed by or on behalf of the employees of an industrial or\nmanufacturing plant located in this state for the purpose of assuming\nownership or control of the plant and operating it as an employee-owned\nenterprise or as a worker cooperative as defined in section eighty-one\nof the cooperative corporations law.\n 5. "Employee-owned enterprise" means a business in which the employees\nare represented on the board of directors and the employees control the\nmajority of the voting stock, or if the business is held in a trust\nwhich controls the majority of the voting stock, the trustees are\nelected by the employees. The term "employee-owned enterprise" shall\nalso refer to a worker cooperative as defined in section eighty-one of\nthe cooperative corporations law.\n 6. "Funding partner" means an entity which singly or in combination\nwith other entities has agreed to finance a portion of the project cost\nof an eligible project, and may include the employee ownership\nassociation undertaking the project as well as any financial entity.\n 7. "Plant" includes the site, structure, building and equipment and\nall real and personal property in connection therewith, whether or not\nin existence, and may include any road, railroad, or utility or\nequipment appurtenant thereto.\n 8. "Project cost" includes all reasonable and necessary costs to be\nincurred in the course of an eligible project, including any anticipated\nacquisition, construction, land acquisition, improvements, equipment,\npertinent rights and easements, and associated technical, engineering,\nlegal and financial services.\n