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This entry was published on 2014-09-22
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SECTION 727
Accounting requirements
Labor (LAB) CHAPTER 31, ARTICLE 20-A
§ 727. Accounting requirements. 1. Every labor organization, employer
organization, employer and labor relations consultant shall maintain
detailed and accurate books and records of account in conformity with
generally accepted accounting principles and in accordance with
standards prescribed by the industrial commissioner; provided, however,
that the standards prescribed may vary according to the size and type of
the organization. All books and records of account shall be preserved
for a period of five years. The persons required to prepare reports
under section seven hundred twenty-six of this article, shall be
responsible for the maintenance and preservation of books and records of
account required by this section.

2. The industrial commissioner, when he has reasonable cause to
believe that the required accounting standards have not been maintained
or that the books and records do not accurately reflect the financial
condition and financial transactions of the labor organization or
employer organization, may examine the books and records of the
organization, subpoena witnesses and documents, and make such other
investigation as is necessary to enable him to determine the facts
relative thereto.

The industrial commissioner, when he has reasonable cause to believe
that the books and records and the annual financial report required by
section seven hundred twenty-six do not accurately reflect the matters
required to be maintained or reported by the labor organization,
employer organization, employer or labor relations consultant, may
examine the books and records of such labor organization, employer
organization, employer or labor relations consultant, subpoena witnesses
and documents, and make such other investigation as is necessary to
enable him to determine the facts relative thereto.