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CITE

    29 USC Sec. 501                                             01/05/2009

EXPCITE

    TITLE 29 - LABOR
    CHAPTER 11 - LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE
    SUBCHAPTER VI - SAFEGUARDS FOR LABOR ORGANIZATIONS

HEAD

    Sec. 501. Fiduciary responsibility of officers of labor
      organizations

STATUTE

    (a) Duties of officers; exculpatory provisions and resolutions void
      The officers, agents, shop stewards, and other representatives of
    a labor organization occupy positions of trust in relation to such
    organization and its members as a group. It is, therefore, the duty
    of each such person, taking into account the special problems and
    functions of a labor organization, to hold its money and property
    solely for the benefit of the organization and its members and to
    manage, invest, and expend the same in accordance with its
    constitution and bylaws and any resolutions of the governing bodies
    adopted thereunder, to refrain from dealing with such organization
    as an adverse party or in behalf of an adverse party in any matter
    connected with his duties and from holding or acquiring any
    pecuniary or personal interest which conflicts with the interests
    of such organization, and to account to the organization for any
    profit received by him in whatever capacity in connection with
    transactions conducted by him or under his direction on behalf of
    the organization. A general exculpatory provision in the
    constitution and bylaws of such a labor organization or a general
    exculpatory resolution of a governing body purporting to relieve
    any such person of liability for breach of the duties declared by
    this section shall be void as against public policy.
    (b) Violation of duties; action by member after refusal or failure
      by labor organization to commence proceedings; jurisdiction;
      leave of court; counsel fees and expenses
      When any officer, agent, shop steward, or representative of any
    labor organization is alleged to have violated the duties declared
    in subsection (a) of this section and the labor organization or its
    governing board or officers refuse or fail to sue or recover
    damages or secure an accounting or other appropriate relief within
    a reasonable time after being requested to do so by any member of
    the labor organization, such member may sue such officer, agent,
    shop steward, or representative in any district court of the United
    States or in any State court of competent jurisdiction to recover
    damages or secure an accounting or other appropriate relief for the
    benefit of the labor organization. No such proceeding shall be
    brought except upon leave of the court obtained upon verified
    application and for good cause shown, which application may be made
    ex parte. The trial judge may allot a reasonable part of the
    recovery in any action under this subsection to pay the fees of
    counsel prosecuting the suit at the instance of the member of the
    labor organization and to compensate such member for any expenses
    necessarily paid or incurred by him in connection with the
    litigation.
    (c) Embezzlement of assets; penalty
      Any person who embezzles, steals, or unlawfully and willfully
    abstracts or converts to his own use, or the use of another, any of
    the moneys, funds, securities, property, or other assets of a labor
    organization of which he is an officer, or by which he is employed,
    directly or indirectly, shall be fined not more than $10,000 or
    imprisoned for not more than five years, or both.

SOURCE

    (Pub. L. 86-257, title V, Sec. 501, Sept. 14, 1959, 73 Stat. 535.)
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