NY Econ Dev L § 139 (2021)
2021 New York Laws COM - Economic Development Law Article 4-B - Division for Small-Business 139 - Advisory Panel on Employee-Owned Enterprises.

* §  139. Advisory panel on employee-owned enterprises. 1. Definition. As used in this section, the term "employee-owned enterprise" shall mean a business in which 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.   2. Establishment of  advisory  panel.  An  advisory  panel  is  hereby created  within  the  department for the purpose of reviewing state laws and programs in order to report and make recommendations on how best  to support  existing employee-owned enterprises, promoting the formation of new employee-owned enterprises, and promoting the  continued  growth  of such businesses in the state.   3. Composition of advisory panel. (a) The advisory panel shall consist of thirteen members, including:  (i)  the commissioner, or his or her designee, who shall be designated as chair of the advisory panel;  (ii) the commissioner of labor, or his or her designee;  (iii) the commissioner of tax and finance, or his or her designee; and  (iv) ten members to be appointed as follows: four shall  be  appointed by  the governor, two shall be appointed by the speaker of the assembly, two shall be appointed by the temporary president  of  the  senate,  one shall be appointed by the minority leader of the assembly, and one shall be  appointed  by  the  minority  leader  of  the senate. Such appointed members  shall  represent  entities  and  organizations  with  expertise related   to   employee-owned   enterprises   or  business  development, particularly those with an emphasis on small  businesses,  minority  and women-owned businesses, and veteran-owned businesses, including, but not limited to:  (1) employee-owned enterprises;  (2)   employee-owned   enterprise   advocacy,   service,  support,  or development organizations;  (3) business development organizations;  (4) New York state college and university programs with  expertise  in business development;  (5) commercial lending organizations focusing on access to capital and community development; and  (6) labor organizations.  (b)  Each  member  of  the  panel  shall  serve at the pleasure of the appointing authority, and any vacancy on the panel shall  be  filled  in the  same  manner  as the original appointment. Such panel members shall serve without compensation except that such members shall be entitled to reimbursement  for  actual  and  necessary  expenses  incurred  in  such service.   4. Powers and duties of the advisory panel. The advisory panel shall:  (a)  identify  and  recommend  strategies  to promote the creation and development of new employee-owned enterprises in  order  to  create  new jobs and retain existing jobs within the state;  (b)  identify  and  recommend strategies to facilitate the creation of employee-owned enterprises that promote  the  continuation  of  existing businesses  either  as  part  of  a  pre-existing business succession of ownership plan or as an  alternative  option  if  a  business  is  being offered for sale or transfer by the current owner or the heirs or estate of a deceased owner;  (c) evaluate the effectiveness of current state and local training and assistance  programs  designed  to  provide  support  to  employee-owned enterprises, and make recommendations as  to  how  to  more  effectively utilize these programs and resources to support such enterprises;  (d) examine and identify state and local laws and regulations relating to  the  governance and administration of employee-owned enterprises and their effect on the creation, retention, and growth of such enterprises;  (e)  examine  and  identify  other successful federal, state and local programs designed to  provide  support  to  employee-owned  enterprises, including any programs currently underutilized by individuals seeking to establish an employee-owned enterprise in the state;  (f)   evaluate   the   ability  of  new  and  existing  employee-owned enterprises to acquire  the  capital  necessary  to  form,  expand,  and develop their operations;  (g)  evaluate  the  role  of immigrants and new Americans, minorities, women, and veterans in the formation of employee-owned enterprises;  (h) evaluate the potential for employee-owned enterprises to assist in the  revitalization  and  redevelopment  of  economically  disadvantaged communities; and  (i)  recommend  a  set  of  best practices and policies as a guide for individuals to use when forming an employee-owned enterprise,  and  make such guide publicly available on the department's website.   5.  Reporting.  The  advisory panel shall issue a report no later than June thirtieth, two thousand twenty-three  outlining  the  findings  and recommendations  of  the  panel.  The  report  shall be delivered to the governor, the speaker of the assembly, the temporary  president  of  the senate,  the minority leader of the assembly, the minority leader of the senate, the chair of the assembly committee on ways and means, the chair of the senate committee on finance, the chair of the assembly  committee on  economic  development,  the chair of the assembly committee on small business, the chair  of  the  senate  committee  on  commerce,  economic development,  and small business, the chair of the assembly committee on labor, and the chair of the senate committee on labor.   * NB Repealed October 1, 2023