29 C.F.R. § 453.11

The nature of the “duties” to which the bonding requirement relates

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The bonding requirement in section 502(a) relates only to duties of the specified personnel in connection with their handling of funds or other property to which this section refers. It does not have reference to the special duties imposed upon representatives of labor organizations by virtue of the positions of trust which they occupy, which are dealt with in section 501(a), and for which civil remedies for breach of the duties are provided in section 501(b). The fact that the bonding requirement is limited to personnel who handle funds or other property indicates the correctness of these conclusions. They find further support in the differences between sections 501(a) and 502(a) of the Act which sufficiently indicate that the scope of the two sections is not coextensive.

Notes of Decisions

Cited in 1 case, 1988–1988 · leading case: Anthony Skirlick, as an Individual & as a Rep. of a Class v. Fid. & Deposit Co. of Maryland, 852 F.2d 1376 (D.C. Cir. 1988).

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Anthony Skirlick, as an Individual & as a Rep. of a Class v. Fid. & Deposit Co. of Maryland, 852 F.2d 1376 (D.C. Cir. 1988). “29 C.F.R. § 453.11 (1986). The regulations also discuss the meaning of “fraud or dishonesty” as follows: The term “fraud or dishonesty” shall be deemed to encompass all those risks of loss that might arise through dishonest or fraudulent acts in handling of funds_ As such, the…”

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