The affirmative requirement for bonding the specified personnel is
applicable only if they handle ``funds or other property'' of the labor
organization or trust concerned. A consideration of the purpose of
section 502 and a reading of the section as a whole, including
provisions for fixing the amount of bonds, suffice to show that the term
``funds or other property'', as used in this section of the Act,
encompasses more than cash alone but that it does not embrace all of the
property of a labor organization or of a trust in
which a labor organization is interested. The term does not include
property of a relatively permanent nature, such as land, buildings,
furniture, fixtures and office and delivery equipment used in the
operations of a labor organization or trust. It does, however, include
items in the nature of quick assets, such as checks and other negotiable
instruments, government obligations and marketable securities, as well
as cash, and other property held, not for use, but for conversion into
cash or for similar purposes making it substantially equivalent to
funds.
