45 U.S.C. § 922 — Employee stock ownership plan for surviving portion of Milwaukee Railroad
submitted 47 years ago by Pub. L. 96-101 to r/title-45-RAILROADS · 104 words · no verdicts yet
This section conditions federal relief for a surviving portion of the Milwaukee Railroad system on good-faith efforts to establish an employee stock ownership plan. The plan must acquire qualifying employer securities equal in value to 25 percent of the relief.
If an event described in section 920(b) of this title occurs and less than the entire Milwaukee Railroad* system survives, any relief given to that surviving system under the Emergency Rail Services Act of 1970 or another federal law must be conditioned on good-faith efforts by the trustee, the Milwaukee Railroad, or both, to establish an employee* stock ownership plan. The plan must include buying or acquiring qualifying employer securities of the Milwaukee Railroad equal in value to 25 percent of the relief provided. This section does not define “good faith,” “qualifying employer securities,” or “relief.”
If an event described in section 920(b) of this title occurs, resulting in the survival of less than the entire Milwaukee Railroad* system, then any relief provided for such surviving Milwaukee Railroad system under the Emergency Rail Services Act of 1970 [45 U.S.C. 661 et seq.] or any other Federal legislation shall be conditioned upon good faith efforts by the trustee or the Milwaukee Railroad, or both, to establish an employee* stock ownership plan which shall embrace the purchase or acquisition of qualifying employer securities of the Milwaukee Railroad equal in value to 25 per centum of the amount of such relief provided.
Source credit: (Pub. L. 96–101, § 26, Nov. 4, 1979, 93 Stat. 747.)
- 1979Enacted · Pub. L. 96-101 · 93 Stat. 747
A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-101 on 1979-11-04.
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