
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 29USC432]

 
                             TITLE 29--LABOR
 
     CHAPTER 11--LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE
 
SUBCHAPTER III--REPORTING BY LABOR ORGANIZATIONS, OFFICERS AND EMPLOYEES 
                  OF LABOR ORGANIZATIONS, AND EMPLOYERS
 
Sec. 432. Report of officers and employees of labor 
        organizations
        

(a) Filing; contents of report

    Every officer of a labor organization and every employee of a labor 
organization (other than an employee performing exclusively clerical or 
custodial services) shall file with the Secretary a signed report 
listing and describing for his preceding fiscal year--
        (1) any stock, bond, security, or other interest, legal or 
    equitable, which he or his spouse or minor child directly or 
    indirectly held in, and any income or any other benefit with 
    monetary value (including reimbursed expenses) which he or his 
    spouse or minor child derived directly or indirectly from, an 
    employer whose employees such labor organization represents or is 
    actively seeking to represent, except payments and other benefits 
    received as a bona fide employee of such employer;
        (2) any transaction in which he or his spouse or minor child 
    engaged, directly or indirectly, involving any stock, bond, 
    security, or loan to or from, or other legal or equitable interest 
    in the business of an employer whose employees such labor 
    organization represents or is actively seeking to represent;
        (3) any stock, bond, security, or other interest, legal or 
    equitable, which he or his spouse or minor child directly or 
    indirectly held in, and any income or any other benefit with 
    monetary value (including reimbursed expenses) which he or his 
    spouse or minor child directly or indirectly derived from, any 
    business a substantial part of which consists of buying from, 
    selling or leasing to, or otherwise dealing with, the business of an 
    employer whose employees such labor organization represents or is 
    actively seeking to represent;
        (4) any stock, bond, security, or other interest, legal or 
    equitable, which he or his spouse or minor child directly or 
    indirectly held in, and any income or any other benefit with 
    monetary value (including reimbursed expenses) which he or his 
    spouse or minor child directly or indirectly derived from, a 
    business any part of which consists of buying from, or selling or 
    leasing directly or indirectly to, or otherwise dealing with such 
    labor organization;
        (5) any direct or indirect business transaction or arrangement 
    between him or his spouse or minor child and any employer whose 
    employees his organization represents or is actively seeking to 
    represent, except work performed and payments and benefits received 
    as a bona fide employee of such employer and except purchases and 
    sales of goods or services in the regular course of business at 
    prices generally available to any employee of such employer; and
        (6) any payment of money or other thing of value (including 
    reimbursed expenses) which he or his spouse or minor child received 
    directly or indirectly from any employer or any person who acts as a 
    labor relations consultant to an employer, except payments of the 
    kinds referred to in section 186(c) of this title.

(b) Report of certain bona fide investments

    The provisions of paragraphs (1), (2), (3), (4), and (5) of 
subsection (a) of this section shall not be construed to require any 
such officer or employee to report his bona fide investments in 
securities traded on a securities exchange registered as a national 
securities exchange under the Securities Exchange Act of 1934 [15 U.S.C. 
78a et seq.], in shares in an investment company registered under the 
Investment Company Act of 1940 [15 U.S.C. 80a-1 et seq.], or in 
securities of a public utility holding company registered under the 
Public Utility Holding Company Act of 1935 [15 U.S.C. 79 et seq.], or to 
report any income derived therefrom.

(c) Exemption from filing requirement

    Nothing contained in this section shall be construed to require any 
officer or employee of a labor organization to file a report under 
subsection (a) of this section unless he or his spouse or minor child 
holds or has held an interest, has received income or any other benefit 
with monetary value or a loan, or has engaged in a transaction described 
therein.

(Pub. L. 86-257, title II, Sec. 202, Sept. 14, 1959, 73 Stat. 525.)

                       References in Text

    The Securities Exchange Act of 1934, referred to in subsec. (b), is 
act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified 
principally to chapter 2B (Sec. 78a et seq.) of Title 15, Commerce and 
Trade. For complete classification of this Act to the Code, see section 
78a of Title 15 and Tables.
    The Investment Company Act of 1940, referred to in subsec. (b), is 
title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended, which 
is classified generally to subchapter I (Sec. 80a-1 et seq.) of chapter 
2D of Title 15. For complete classification of this Act to the Code, see 
section 80a-51 of Title 15 and Tables.
    The Public Utility Holding Company Act of 1935, referred to in 
subsec. (b), is title I of act Aug. 26, 1935, ch. 687, 49 Stat. 838, as 
amended, which is classified generally to chapter 20 (Sec. 79 et seq.) 
of Title 15. For complete classification of this Act to the Code, see 
section 79 of Title 15 and Tables.

                  Section Referred to in Other Sections

    This section is referred to in sections 435, 437 of this title.
