A bill to amend the Internal Revenue Code of 1986 to require a majority of employees to approve the establishment of an employee stock ownership plan, and for other purposes.

Summary

Amends the Internal Revenue Code to require a majority of employees to approve (by secret ballot) their employer's establishment of an employee stock ownership plan (ESOP). Requires the employer to notify employees, before the election, of all the material facts concerning the plan, including its terms and asset transfer provisions. Authorizes the Secretary of the Treasury to disqualify an ESOP if the voting rights of any plan participant or beneficiary are not substantially similar to those of other persons holding the same class of securities.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 22 February 1988

  Open at official source

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