Page:United States Statutes at Large Volume 93.djvu/1361
PUBLIC LAW 96-185—JAN. 7, 1980
93 STAT. 1329
(2) enter into contracts under which the Government, contingent upon the financial success of the Corporation, would participate in gains of the Corporation or ite security holders; or (3) use other instruments deemed appropriate by the Board. (e) All amounts collected by the Board pursuant to subsections (c) and (d) shall be deposited in the Treasury as miscellaneous receipts. (f) Nothing in this Act shall be interpreted to mean that any loan guarantee of the Federal Government under this Act is in any way an asset of the Corporation which can be sold or assigned by the Chrysler Corporation to any foreign entity.
REQUIREMENTS APPLICABLE TO EMPLOYEES
SEC. 6. (a) No loan guarantee may be issued under this Act if at the time of issuance or the proposed issuance the Board determines that— (1) collective bargaining agreements entered into by the Corporation after September 14, 1979, with labor organizations representing employees of the Corporation which govern the payment of wages and benefits to such employees from September 14, 1979, to September 14, 1982, have not been modified so that the cost to the Corporation of such wages and benefits, as determined by the Board, shall be reduced by a total amount of at least $462,500,000 for the three-year period ending on September 14, 1982, below the cost of such wages and benefits which the Corporation would otherwise have been obligated to incur during such period, except that such dollar amount shall include $203,000,000 in wages and benefits to be foregone pursuant to the master collective bargaining agreement entered into on October 25, 1979, between the Corporation and the International Union, United Automobile Aerospace and Agricultural Implement Workers of America; or (2) the Corporation has not put into effect a plan for achieving at least $125,000,000 in concessions as defined in section 4(b)(1)(B) from employees not represented by a labor organization. (b) The limitations set forth in subsection (a) of this section shall not apply to any increase in wages or benefits required by law. (c) Any increase in the wages and benefits of a person employed by the Corporation resulting from reclassification or reevaluation of a job or a promotion effected in order to evade the provisions of this section shall be considered an indirect form of compensation. (d)(1) To meet the requirements of this section, the Corporation shall not enter into a collective bargaining agreement with a labor organization which— (A) reduces the amounts and levels of wages and benefits provided by such a collective bargaining agreement beyond the labor organization's proportionate share, as determined by the Board; or (B) reduces wages and benefits below the levels and amounts provided on September 13, 1979. (2) For purposes of this subsection, the proportionate share of a labor organization shall be determined by multiplying the total reduction required by paragraph (1) by the quotient obtained by dividing the total number of the Corporation's employees represented by that labor organization whose proportionate share is to be determined by the total number of the Corporation's employees represented by labor organizations.
59-194 O — 81
Wage and benefit reductions. 15 USC 1865.