[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: 29CFR458.33]

[Page 217]
 
                             TITLE 29--LABOR
 
  CHAPTER IV--OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR
 
PART 458_STANDARDS OF CONDUCT--Table of Contents
 
   Subpart A_Substantive Requirements Concerning Standards of Conduct
 
Sec. 458.33  Prohibition of conflicts of interest.

    (a) No officer or agent of a labor organization shall, directly or 
indirectly through his spouse, minor child, or otherwise (1) have or 
acquire any pecuniary or personal interest which would conflict with his 
fiduciary obligation to such labor organization, or (2) engage in any 
business or financial transaction which conflicts with his fiduciary 
obligation.
    (b) Actions prohibited by paragraph (a) of this section include, but 
are not limited to, buying from, selling, or leasing directly or 
indirectly to, or otherwise dealing with the labor organization, its 
affiliates, subsidiaries, or trusts in which the labor organization is 
interested, or having an interest in a business any part of which 
consists of such dealings, except bona fide investments of the kind 
exempted from reporting under section 202(b) of the LMRDA. The receipt 
of salaries and reimbursed expenses for services actually performed or 
expenses actually incurred in carrying out the duties of the officer or 
agent is not prohibited.