Also known as: § 501 · 501(c) · 501(c)(3) · IRC §501 · tax-exempt organization provision
Written by attorneys · grounded in primary & secondary sources — see below
2 senses
A statutory provision specifying the permissible forms of contribution to a limited partnership. A contribution may consist of property transferred to the partnership, services performed for it, or another benefit provided to it, or an agreement to transfer property, perform services, or provide another benefit.
A statutory provision specifying the permissible forms of contribution to a limited partnership. A contribution may consist of property transferred to the partnership, services performed for it, or another benefit provided to it, or an agreement to transfer property, perform services, or provide another benefit.
Select any source to read its text and confirm it supports the definition.
A statutory provision imposing fiduciary duties on officers and representatives of labor organizations. Officers must hold the organization's money and property solely for the benefit of the organization and its members and manage it in accordance with the organization's constitution, bylaws, and resolutions.
Select any source to read its text and confirm it supports the definition.
A statutory provision imposing fiduciary duties on officers and representatives of labor organizations. Officers must hold the organization's money and property solely for the benefit of the organization and its members and manage it in accordance with the organization's constitution, bylaws, and resolutions.
Each sense below has its own examples, sources, and questions.
Carol agreed in the limited partnership agreement to transfer a parcel to the partnership once zoning approval was obtained. The other partners relied on that promise by spending time and money pursuing the rezoning. After approval increased the parcel's value, Carol refused to convey. The agreement to transfer property qualifies as a contribution under the statute, so Carol holds a limited-partner interest even though actual transfer never occurred.
Yes. The statute expressly recognizes that a contribution may consist of an agreement to transfer property to the partnership. When the agreement is documented in the partnership agreement and relied upon by the other partners, it satisfies the contribution requirement even if the property is never actually transferred.
Supporting sources
Union officers used organization funds to pay personal legal fees without disclosure or authorization. Members sued under the fiduciary-duty statute to recover the money for the union treasury. The court applied a broad interpretation of the officers' duty to hold union property solely for the organization's benefit, allowing the action to proceed.
Courts give the provision a broad and liberal interpretation. The statute imposes the highest standards of responsibility on union officers and is not limited to narrow codification of prior law. Federal courts fashion new federal labor law in this area to protect union funds and property.
Supporting sources
Union members may bring a civil action to recover damages or obtain an accounting for the benefit of the union. Attorney fees may be paid from any recovery, though a member bears litigation expenses if no recovery is obtained.
Supporting sources
…union member to obtain access to union books, records, and accounts to verify annual financial statements. 29 U. S. C. § 431(c). Section 501 (b) authorizes “fee shifting” in a suit brought by a member against a union official to recover damages or for an accounting for the benefit of the union on the ground that the official is…