EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
EMPLOYEE-OWNERSHIP REVOLVING LOAN FUND
Collective bargaining agents; consent
Section 21. No applicant shall receive assistance or funding from the program of employee involvement and ownership without the written consent and participation of any collective bargaining agent for the employees of the applicant’s employer and, where said employees are not represented by any collective bargaining agent, without the written consent and agreement of the employer as determined by said program.
The new owners of an employee-owned business that receive funds through the program of employee involvement and ownership or the economic stabilization trust, pursuant to this chapter, shall recognize that a condition of the receipt of any assistance including, but not limited to, a feasibility study, loan, financing or investment from said economic stabilization trust or program is the requirement that the new owners of said business shall retain and continue to recognize any duly certified collective bargaining agent and shall assume any existing contracts or other current agreement with employees, related to terms and conditions of work until the date of expiration of such contract or agreement.