Section 1836-B. Definitions

When used in this subtitle, unless the context
  otherwise requires:
    1. "Agreement" means an employee ownership assistance  loan  agreement
  made pursuant to this subtitle.
    2.  "Authority" means the job development authority created by section
  one thousand eight hundred two of this chapter.
    3. "Eligible project" means the acquisition or  rehabilitation  by  an
  employee   ownership   association   of   an   existing   industrial  or
  manufacturing plant located in this state for the purpose  of  operating
  it as an employee-owned enterprise.
    4.  "Employee  ownership  association"  means  a  corporation or other
  association formed by or on behalf of the employees of an industrial  or
  manufacturing  plant  located  in this state for the purpose of assuming
  ownership or control of the plant and operating it as an  employee-owned
  enterprise  or  as a worker cooperative as defined in section eighty-one
  of the cooperative corporations law.
    5. "Employee-owned enterprise" means a business in which the employees
  are represented on the board of directors and the employees control  the
  majority  of  the  voting  stock,  or if the business is held in a trust
  which controls the majority  of  the  voting  stock,  the  trustees  are
  elected  by  the  employees.  The term "employee-owned enterprise" shall
  also refer to a worker cooperative as defined in section  eighty-one  of
  the cooperative corporations law.
    6.  "Funding  partner"  means an entity which singly or in combination
  with other entities has agreed to finance a portion of the project  cost
  of   an  eligible  project,  and  may  include  the  employee  ownership
  association undertaking the project as well as any financial entity.
    7. "Plant" includes the site, structure, building  and  equipment  and
  all  real  and personal property in connection therewith, whether or not
  in existence,  and  may  include  any  road,  railroad,  or  utility  or
  equipment appurtenant thereto.
    8.  "Project  cost"  includes all reasonable and necessary costs to be
  incurred in the course of an eligible project, including any anticipated
  acquisition, construction, land  acquisition,  improvements,  equipment,
  pertinent  rights  and easements, and associated technical, engineering,
  legal and financial services.