52:27H-96. Review and evaluation; assistance in purchase of business by employee stock ownership trust
136 words·~1 min read·
/nj/title-52/chapter-27h/52-27h-96·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner shall assist in reviewing and evaluating materials from studies for which he has granted funds under the provisions of section 6 of this act. If, following that review and evaluation, the commissioner determines that the purchase of 100% of a business by the employees through an employee stock ownership trust would have a reasonable chance of creating benefits to the public interest greater than the total costs and risks, he may provide whatever assistance he deems appropriate, subject to the availability of funds and to the provisions of federal, State and local law.
That assistance may include, but need not be limited to, loan guarantees, direct interest subsidies or below market interest rate loans for the purpose of reducing the cost of financing the purchase.
L.1983, c. 471, s. 7, eff. Jan. 12, 1984.