29 U.S.C. § 503 — Financial transactions between labor organization and officers and employees
submitted 67 years ago by Pub. L. 86-257 to r/title-29-LABOR · 107 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
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.
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.
Source credit: (Pub. L. 86–257, title V, § 503, Sept. 14, 1959, 73 Stat. 536.)
- 1959Enacted · Pub. L. 86-257 · 73 Stat. 536
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-257 on 1959-09-14.
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