2013 US Code
Title 29 - Labor
Chapter 11 - LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE (§§ 401 - 531)
Subchapter VI - SAFEGUARDS FOR LABOR ORGANIZATIONS (§§ 501 - 504)
Section 503 - Financial transactions between labor organization and officers and employees
|Publication Title||United States Code, 2012 Edition, Supplement 1, Title 29 - LABOR|
|Category||Bills and Statutes|
|Collection||United States Code|
|SuDoc Class Number||Y 1.2/5:|
|Contained Within||Title 29 - LABOR |
CHAPTER 11 - LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE
SUBCHAPTER VI - SAFEGUARDS FOR LABOR ORGANIZATIONS
Sec. 503 - Financial transactions between labor organization and officers and employees
|Laws in Effect as of Date||January 16, 2014|
|Source Credit||Pub. L. 86-257, title V, §503, Sept. 14, 1959, 73 Stat. 536.|
|Statutes at Large Reference||73 Stat. 536|
|Public Law Reference||Public Law 86-257|
§503. Financial transactions between labor organization and officers and employees
(a) Direct and indirect loans
No labor organization shall make directly or indirectly any loan or loans to any officer or employee of such organization which results in a total indebtedness on the part of such officer or employee to the labor organization in excess of $2,000.
(b) Direct or indirect payment of fines
No labor organization or employer shall directly or indirectly pay the fine of any officer or employee convicted of any willful violation of this chapter.
(c) Penalty for violations
Any person who willfully violates this section shall be fined not more than $5,000 or imprisoned for not more than one year, or both.
(Pub. L. 86–257, title V, §503, Sept. 14, 1959, 73 Stat. 536.)
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