FEDERAL · 29 U.S.C. · Chapter SUBCHAPTER VI—SAFEGUARDS FOR LABOR ORGANIZATIONS
Financial transactions between labor organization and officers and employees
29 U.S.C. § 503
Title29 — Labor
ChapterSUBCHAPTER VI—SAFEGUARDS FOR LABOR ORGANIZATIONS
This text of 29 U.S.C. § 503 (Financial transactions between labor organization and officers and employees) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
29 U.S.C. § 503.
Text
(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.
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Source Credit
History
(Pub. L. 86–257, title V, §503, Sept. 14, 1959, 73 Stat. 536.)
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29 U.S.C. § 503, Counsel Stack Legal Research, https://law.counselstack.com/usc/29/503.