Section 720. Findings and policy

The rights of employees to organize and to
  bargain  collectively  through labor organizations of their own choosing
  have been affirmatively protected by the constitution  and  statutes  of
  this  state  and  by  parallel federal laws. Encouraged by these laws, a
  substantial proportion of  the  employees  in  this  state  have  become
  members  of,  and contribute financially to, labor organizations for the
  purpose of bargaining collectively with their employers concerning wages
  and other conditions of employment. To the officers and agents of  their
  labor  organizations, these employees have entrusted their funds and the
  power to act in their behalf in achieving the purposes  of  their  labor
  organizations.
    Experience has shown instances where officers and agents of some labor
  organizations have abused their positions of fiduciary responsibility.
    Experience  has also shown instances in which some employers, employer
  organizations and labor relations consultants have  participated  in  or
  induced  such  abuses of fiduciary responsibility by officers and agents
  of such labor organizations.
    Responsible leaders of the labor movement have recognized  that  union
  officers  and  agents  have a fiduciary duty to serve the members of the
  union honestly and faithfully, and these leaders have  taken  courageous
  action against those who have violated their trust. Experience, however,
  has  shown that labor's efforts to correct abuses from within need to be
  aided and supplemented by legislation.
    Such abuses have had a harmful effect on the general  welfare,  health
  and  safety  of  employees  and  the  public.  Accordingly, it is hereby
  declared to be the public policy of the state of New York that  officers
  and  agents  of  a  labor  organization  shall  be  held  to a fiduciary
  obligation in  handling  the  labor  organization's  assets;  that  such
  officers   and  agents  shall  not  acquire  financial  interests  which
  interfere or tend to interfere with the faithful  performance  of  their
  responsibility  to  the  labor  organization; and that such officers and
  agents shall account fully to the members of such labor organization for
  all assets and financial transactions. It is hereby further declared  to
  be  the  public policy of the state of New York that employers, employer
  organizations, labor relations consultants and other persons  shall  not
  participate  in  or  induce  violations  of such fiduciary obligation by
  officers and agents of labor organizations.