Any labor organization as defined in sections 3(i) and 3(j) of the
Act \3\ is a labor organization within the coverage of section 502(a)
unless its property and annual financial receipts do not exceed $5,000
in value. The determination as to whether a particular labor
organization is excepted from the application of section 502(a) is to be
made at the beginning of each of its fiscal years on the basis of the
total value of all its property at the beginning of, and its total
financial receipts during, the preceding fiscal year of the
organization.
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\3\ See part 451 of this chapter.
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