Definitions

In this Act: (1) Director The term Director means the Director of the Office of Employee Ownership appointed under section 3(a)(2). (2) Eligible worker-owned cooperative The term eligible worker-owned cooperative has the meaning given the term in section 1042(c)(2) of the Internal Revenue Code of 1986. (3) Employee stock ownership plan The term employee stock ownership plan has the meaning given the term in section 4975(e)(7) of the Internal Revenue Code of 1986. (4) Office The term Office means the Office of Employee Ownership established under section 3(a). (5) Secretary The term Secretary means the Secretary of Labor.