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

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Metadata

Publication TitleUnited States Code, 2012 Edition, Supplement 1, Title 29 - LABOR
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 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
Containssection 503
Date2013
Laws in Effect as of DateJanuary 16, 2014
Positive LawNo
Dispositionstandard
Source CreditPub. L. 86-257, title V, §503, Sept. 14, 1959, 73 Stat. 536.
Statutes at Large Reference73 Stat. 536
Public Law ReferencePublic Law 86-257

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Financial transactions between labor organization and officers and employees - 29 U.S.C. § 503 (2013)

§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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