Page:United States Statutes at Large Volume 44 Part 1.djvu/367

 TITLE 15.--—GO1lA owhonerer any suit erprooeeding in equity or criminal prose union is instituted by the United States to preventi, restroix or punish violations of any of the antitrust laws, the running of- the statute of limitations in respect of each and ever; E;·rivote right of action arising under eaid laws, and based 11 f whole or in part on any matter complained of.in said suit 01 {Got, 15,`1914, c. 325, §‘ 5, 38 Stat. 731;) · _ · The iotmr eta human being is note commodity or article 0: twmmorce. Nothing contained xp the antitrust lows shall be ·(-.·n><trued to forbid the existence and operation of labor, agri teulxural, or horticultural orgnnmtione, instituted for the pur inet-s of mutual help, and not having capital stock or con ducted forprotit, or to forbid or restrain individual members 0; guvh organizations from lawfully carryingout the legitimate objects thereof; nor shall auch organizations, or the member: thereof, be held or constrpcd to be illegal combinations or_con rpirocies in restraint of trgde, under the antitrust laws. (Oct 15, 1914, cg 323, § 8, 38 Stat.-K;31‘;)__ `· _ ‘ _ _  °_ 1,8. Acquisition by one corporation of stock of mother.-—N4 Ctwporotion engaged in commerceshall; acquire, directly or indi roi·t1y,` the whole or any mrt of the stock or other share capita _ of another corporation engaged also in coxnmerce; where- the effect. of such acquisition may be to substantially lessen com ` petition between the corporation whose stock is so acquired ian: the corporation making the acquisition, or to restrain nucl ~t·om`merce in any section or community, or tend to create 1 .`_immopoly of any line of commerce. .  - V Q   corporation shalt acquiregdirectly or indirectly, the whole or may part of the stock or other chore capital of two or mort t-operations engaged in commercewhere the e¤ect of such ac quisition, or the use of suchstock by the votini or granting oz proxies or _ otherwise, may  to substantially lessen coinpeti tion between such corporations, or any ot thorn, whose stool or omershore capitol ieso acquired, or to restrain such com moree in any section or community, or tend to create, a mo nopoly ofanylineof commerce. . _ ·g  · _     t ‘ This section shell not apply to corporations purchasing suc] ¤=:ot·k solely for tnvestment and not using thehame. by yoti;14 or otherwise to bring. about, or in" attempting to bring about the substantial weaenim of coinnetition. Nor shall anythim mmotned in this section prevent a corporation engaged in com marco from cousin: the formation of subsidiary corporation mor the actual carrying on of their lmmediateglawful business ‘or the not land legitimate breaches or extensions thereoi or from  and holdin all or a wrt of the stock of mc! _ eurbeidiary _ rations, when the e¤eet of .such‘ formation i not towamtantially lusen competition. — · ‘ ·‘ N or shall anything herein contained be construed to prohibi any common carrier subject to the lows to regulate comxnerc from aidingrin the construction of branches or short ltuoo o [located as to become feeders to the mainline of thecompan; . so aiding in meh construction or from acquiring or owning. al or any part of theetock of auch branch Linen nor to proven any ouch common carrier from acquiring and- owning all or any port ot the stock of a branch or short fine constructed b; on independent company where there is no itihstantial com petition between the comxny orillihi the branch line so com nstruoted and the company owning the main line aequirina th property or an interest therein; nor to prevent  .eommo1 A carrier from extendtniany ot ite linen through the medium o the acquisition of itock or otherwise of any other auch com r noon carrier where there is no substannal competition `betww the company extending its Linn and the CQID§8¤¥ whose stools Property, or nn interest therein in eo odduired. " j Nothing contained in this section eholl·be`held tolnftect o `impair. any right qeganny acquired on or before October 1I eo27o·—~eo-..-23 `
 * ·reooe~ding shallxbe euspéndcd during the pendency. thereof
 * 17. Antitrust laws not applicable to labor organizations.-

IERCEEAND TRADE § 19 - 1914: Provided, That nothing in this section shall be held 1 or construed t0_ authorize or make alavvfnl anything thereto· { fore prohibited or made illegal by the antitrust laws, nor to V exempt any person from the Déilal provisions thereof or the 1 civil remedies therein provided. (Oct. l5, 1914, c. 323, 5 7, r 38 Stat. 731.) T _. — · ·. _ L 19. Interlocking directors and o$cers.·—-No person Shall at the same time be a director or other officer or employee of - more than one bank, banwng association 'or trust conrpnny, E organized `or operating under the laws of the United States, e either of which has deposits, capital, surplus, and nndivided -. profits aggregating more than $5,009,000; and; noo private ·, banker or person who is a director innny bank or trust com- - pany, organized and operating under the lavvs of a State, havt ing deposits, capital, surplné, and undivided proiits aggregate ing more than $5,000,000, shall be eligible to be a director in s any bank or banking association organized .or operating under - the laws or the United States? The eligibility ot a director,
 * . ofhcér, or ernployee under the foregoing provisions shall be

determined by the average amount of deposits, eapita1,·snr· 0 plus, and'.nndivided_ prolits as shown in the omcial statements - of each bank, banking association, or trust company Bled as 1 provided bylaw during thehscal year next preceding the date e set for the annual ,· election of directors, and when a director, Q- _0Ecer, or employeehas been electgpor selected in accordance 1 with  provisions of sections 12 to °-27, inclusive,. of this tn chapter it shall be lawful for hirn to continue aa such for one 4 year thereafter. under said election or employment. _ ~. ` ‘ ‘·No.bank, banking association or trust company, organized B Zor operating under the laws of the United States, in any city B or incorporated town c-or village of more than two hundred g- thousand inhabitants, as shown by the last preceding decen· I- nial census `Of,'ul8 United States, shall have as adirector or .- other omcer or employee any private banker ·or. any director { or otheromcer or employee of anyother bank, `banklng.associa· _ g- tion or trtist company located nn the same place? ·1?ro·vfded, »l That nothing in this section shall. apply to mntualrsavings banks nothaving a capital stock reprmnted by shares: Protx vided fur¢bc}·,` That sndirector or other oEcer or employee ot g~ such bank, banking association; or trust company may be 'a g other bank lor trust company organized under the lasvsfot. the l- United States orany State were the entire mpltal stock of 5, a_ director ot class A‘ of n Federal reserve bank, as donned in n chapter 3— ot Title 12, Banks Ann Banxmo, from bein an g omcer or director or both an omcen and director in one memi ber bank: And provided further; That nothing in sections 12 to t 2T,;inclusive§ of this chapter shall prohibit any private banker e .or `uur cmcer, director, or employee of any member bank or ¤ class`—A director of a Federal reserve bank, who shall. iirnt y procure the consent" ot the Federal Reserve Board, which gi board is anthoriaed, at its discretion, to grant, lwithhold, or g I revoke such consent, from belong an omcer, director,. or em- * E ployee of not more thantwoi other banks, banking associations, . y or trust companies, whether organized under the laws or the ,.._ United States or any State, lf snch other bank, banking asco— l. ciation, or trust company is not.in suhstantia1_competltion'with é` such banker or member mak. . '_ - _ . E p p  The consent of the Federal Reserve Board may be procured ` 1 before the person applying therefor has been elected as a class ,. A dlrmtor of a Federal reserve bank on as a director ot any ¤ member bank, . ‘ _ . ‘ · —, ‘
 * , director or other omcer or employee of- not more than one
 * one la {owned by stockholders - in the other: AM provided
 * , `further, That nothing contained. in this seftion shall forbid
 * , No person at the same time shall be. a director in any two or

» more corporations, any one ot which has capital, surplus, and r undlvidedprodts aggregating) more than- $1,000,000,`enguged in S,. whole or ln part in c0mxnerce,‘ other than banks; banking asso-