
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: 29USC503]

 
                             TITLE 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
        

(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, Sec. 503, Sept. 14, 1959, 73 Stat. 536.)
