(a) Section 502(a) requires that:
Every officer, agent, shop steward, or other representative or
employee of any labor organization (other than a labor organization
whose property and annual financial receipts do not exceed $5,000 in
value), or of a trust in which a labor organization is interested, who
handles funds or other property thereof shall be bonded to provide
protection against loss by reason of acts of fraud or dishonesty on his
part directly or through connivance with others.
(b) This section sets forth, in the above language and in its
further provisions, the minimum requirements regarding the bonding of
the specified personnel. There is no provision in the Act which
precludes the bonding of such personnel in amounts exceeding those
specified in section 502(a). Similarly, the Act contains no provision
precluding the bonding of such personnel as are not required to be
bonded by this section. Such excess coverage may be in any amount and in
any form otherwise lawful and acceptable to the parties to such bonds.
[28 FR 14394, Dec. 27, 1963, as amended at 30 FR 14925, Dec. 2, 1965]
