Standards of corporate behavior; companies financed with assistance of quasi-public agencies
Section 182. Any person utilizing financing issued, insured, or subsidized by a quasi-public agency of the commonwealth shall agree to accept the following voluntary standards of corporate behavior, without limiting the independent powers and findings required to be made by any such quasi-public agency:
In the event of a plant closing or partial closing as defined in section seventy-one A of chapter one hundred and fifty-one A, the company agrees to make a good-faith effort to provide every employee affected with the maximum practicable combination of the following: the longest practicable advance notice in cases where notice is possible and appropriate; and maintenance of income and health insurance benefits.
The company shall also, if possible, help to reemploy affected employees.
While no minimum standard is prescribed for these company responses, the commonwealth expects firms to provide at least ninety days notice or equivalent benefits whenever possible.
The precise form of said agreement shall be determined by the respective quasi-public agency.
For the purposes of this section, “quasi-public agency” shall mean, the Massachusetts Industrial Finance Agency, established by section three of chapter four hundred and ninety-six of the acts of nineteen hundred and seventy-eight, the Community Development Finance Corporation, established by section two of chapter eight hundred and sixty-six of the acts of nineteen hundred and seventy-five, the Massachusetts Technology Development Corporation, established by section one of chapter four hundred and ninety-seven of the acts of nineteen hundred and seventy-eight, the Government Land Bank, established by chapter two hundred and twelve of the acts of nineteen hundred and seventy-five, and the Massachusetts Product Development Corporation, established by chapter forty K.