CHAPTER 428

FORMERLY

HOUSE JOINT RESOLUTION NO. 20

DIRECTING THE DEPARTMENT OF COMMUNITY AFFAIRS AND ECONOMIC DEVELOPMENT TO STUDY THE WAYS IN WHICH THE STATE OF DELAWARE MAY ENCOURAGE AND PROMOTE THE ESTABLISHMENT OF GENERAL STOCK OWNERSHIP PLANS AND EMPLOYEE STOCK OWNERSHIP PLANS.

WHEREAS, the 130th General Assembly of the State of Delaware recognizes the declaration of the Joint Economic Committee of the Congress of the United States that broadening the ownership of capital should be a twin pillar of economic policy, along with achieving full employment; and

WHEREAS, the General Assembly recognizes the important contribution that Employee Stock Ownership Plans (ESOPs) and General Stock Ownership Plans (GSOPs), as defined in the United States Internal Revenue Code, make toward the broadening of capital ownership; and

WHEREAS, the General Assembly recognizes that increased use of ESOPs and GSOPs can substantially increase the income and financial security of the citizens of Delaware, assure them greater control of their economic futures, improve productivity, improve labor management relations, contribute to the national effort to combat inflation, strengthen the free enterprise system, and put Delaware in the forefront of contemporary economic trends; and

NOW, THEREFORE:

BE IT RESOLVED by the House of Representatives and the Senate of the 130th General Assembly of the State of Delaware, with the approval of the Governor, that the Department of Community Affairs and Economic Development undertake a study of ways in which the State of Delaware may encourage and promote the establishment of GSOPs and ESOPs in Delaware. This study should include and evaluate methods for the encouragement and promotion of such plans that may be undertaken under present law, as well as recommending legislation that will accomplish this purpose. The Secretary of the Department of Community Affairs and Economic Development, and those under his supervision, are directed to cooperate fully in the preparation of this study. The study should include, but not be limited to, methods in which State employee pension funds, the Public Service Commission, State inheritance laws, and various development assistance programs administered by the Department of Community Affairs and Economic Development may contribute to the establishment of GSOPs and ESOPs and the broadening of capital ownership among Delaware citizens. The Department should solicit the suggestions and participation of interested persons in the preparation of the study; and

BE IT FURTHER RESOLVED that this study shall be completed and presented to the General Assembly on or before January 15, 1980; and

BE IT FURTHER RESOLVED that a copy of this Resolution shall be sent to the Secretary of the Department of Community Affairs and Economic Development, 630 State College Road, Dover, DE 19901.

Approved July 5, 1979.