N.Y. Labor Law 722 – Fiduciary obligations of officers and agents
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§ 722. Fiduciary obligations of officers and agents. No officer or agent of a labor organization shall, directly or indirectly
Terms Used In N.Y. Labor Law 722
- Agent: means any person, other than an attorney engaged in the practice of law, who represents or is authorized to represent a labor organization or employer organization, alone or with others in its dealings with employers, employees, members, employer organizations, labor organizations, or other persons, regardless of whether his relationship to the labor organization or employer organization is that of an independent contractor or employee. See N.Y. Labor Law 721
- Fiduciary: A trustee, executor, or administrator.
- Labor organization: means any organization of any kind which exists for the purpose, in whole or in part, of representing employees employed within the state of New York in dealing with employers or employer organizations or with a state government, or any political or civil subdivision or other agency thereof, concerning terms and conditions of employment, grievances, labor disputes, or other matters incidental to the employment relationship, and shall include the parent national or international organization of a local labor organization. See N.Y. Labor Law 721
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Officer: means any person holding or in fact performing or authorized to perform the functions of an office named or described in the constitution, charter, articles of incorporation, articles of association or by-laws of a labor organization or employer organization. See N.Y. Labor Law 721
1. Have or acquire any pecuniary or personal interest which would conflict with his fiduciary obligation to such organization;
2. Engage in any business or financial transaction which conflicts with his fiduciary obligation; or
3. Act in any way which subordinates the interests of such labor organization to his own pecuniary or personal interests.