S.2291 - 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.100th Congress (1987-1988)
|Sponsor:||Sen. Armstrong, William L. [R-CO] (Introduced 04/15/1988)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/15/1988 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2291 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in Senate (04/15/1988)
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.