§ 503. Financial transactions between labor organization and officers and employees

Latest version.

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

                    
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