making of loans; payment of fines

making of loans; payment of fines Sec. 503. (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. [29 U.S.C. 503] Enacted September 14, 1959, P.L. 86–257, title V, sec. 503, 73 Stat. 536.