[Code of Federal Regulations]
[Title 29, Volume 2]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR453.7]

[Page 204]
 
                             TITLE 29--LABOR
 
  CHAPTER IV--OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR
 
PART 453_GENERAL STATEMENT CONCERNING THE BONDING REQUIREMENTS OF THE 
LABOR-MANAGEMENT REPORTING AND DISCLOSURE ACT OF 1959--Table of Contents
 
Sec. 453.7  ``Funds or other property'' of a labor organization or of 
a trust in which a labor organization is interested.

    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.