HOUSE DOCKET, NO. 2834        FILED ON: 1/21/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2305

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Paul W. Mark

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to job creation through employee ownership.

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PETITION OF:

 

Name:

District/Address:

Date Added:

Paul W. Mark

2nd Berkshire

5/21/2012

Alice K. Wolf

25th Middlesex

2/1/2011

Denise Andrews

2nd Franklin

2/4/2011

James J. Dwyer

30th Middlesex

2/3/2011

Martin J. Walsh

13th Suffolk

2/4/2011


HOUSE DOCKET, NO. 2834        FILED ON: 1/21/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2305

By Mr. Mark of Hancock, a petition (accompanied by bill, House, No. 2305) of Paul W. Mark and others for legislation to require business owners to notify employees of their eligibility to purchase or bid on said business prior to transfers of the business.  Labor and Workforce Development.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Eleven

_______________

 

An Act relative to job creation through employee ownership.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION   1.     Section 6 of Chapter 23D of the general laws is hereby amended by adding the following:- Within seven days of signaling intent to sell or transfer ownership of any business corporation or plant within the domain of said business corporation, the president or chief executive officer of said business corporation must notify its employees in writing that they are eligible to purchase or bid on said business corporation through a cooperative or employee stock ownership program, and provide information to contact the Office of Employee Involvement and Ownership. Such notice must be displayed in a prominent common area of the facility or facilities affected by said potential sale.

The employees of any business corporation whose president, chief executive officer, or principal owners have signaled an intent to sell or transfer ownership of said business corporation or plant within the domain of said business corporation shall have the right of first refusal in bidding to purchase said business corporation through a cooperative or employee stock ownership program.