(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.
