(a) As used in this part, unless otherwise defined, the term fiscal
year means the calendar year or other period of 12 consecutive calendar
months, on the basis of which financial accounts are kept by a labor
organization reporting under this part. Where a labor organization
designates a new fiscal year period prior to the expiration of a
previously established fiscal year period, the resultant period of less
than 12 consecutive calendar months, and thereafter the newly
established fiscal year, shall in that order each constitute a fiscal
year for purposes of the report required to be filed by section 201(b)
of the Act, and of the regulations in this part.
(b) A labor organization which is subject to section 201(b) of the
Act for only a portion of its fiscal year because the labor organization
first becomes subject to the Act during such fiscal year, may consider
such portion as the entire fiscal year in making its report under this
part.
[28 FR 14383, Dec. 27, 1963, as amended at 42 FR 59070, Nov. 15, 1977]
