Employee Stock Ownership Fund Act

Summary

Employee Stock Ownership Fund Act - Exempts employee stock ownership trust funds from the restrictions on payments to employee representatives or labor organizations under the National Labor Relations Act. Prohibits the expenditure of trust funds for any expenses other than corporate stock with voting rights for which a registration statement has been filed with the Securities and Exchange Commission, and reasonable administrative costs. Sets forth further limitations on employee trusts, including a requirement that the employer contribution may not be withdrawn prior to three years from the date upon which such employee commences participation in such trust, and that after three years an employee shall have a nonforfeitable right to 100 percent of the securities bought and held by trustees as a result of employer contributions to the employee's account.

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1 official file

• Introduced in Senate

  summary · EN · 13 April 1976

  Open at official source

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