Title 29 — Labor
Chapter 11 — Labor-Management Reporting and Disclosure Procedure
§ 503. Financial transactions between labor organization and officers and employees
Statutory text
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.
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.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Labor-Management Reporting and Disclosure Act of 1959
Pub. L. 86–257 title V § 503 · 73 Stat. 519
Enacted · 29 U.S.C. § 503
(Pub. L. 86–257, title V, § 503, Sept. 14, 1959, 73 Stat. 536.)
Source evidence
Code source credit
(Pub. L. 86–257, title V, § 503, Sept. 14, 1959, 73 Stat. 536.)Enacted provision · exact public law section
Sec. 503. making of loans; payment of fines (a) 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) No labor organization or employer shall directly or indirectly pay the fine of any officer or employee convicted of any willful violation of this Act. (c) 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.
1 of 1 references resolved to an enrolled provision