Page:United States Statutes at Large Volume 44 Part 1.djvu/368

§ 20 ciations, trust companies and common carriers subject to cha] ter 1 of Title 49,, if such corporations are.: shall have been theretofore, by virtue of their business and location of operation, competitors, so that the elimination of con petition by agreement between them would constitute ‘a violatic of any of the provisions of any of the antitrust laws. Tk eligibility of a director under the foregoing provision shall l determined by the aggregate amount. of the capital, surplu endnndivided proiltsfexclusive of dividendsdeclared`but' ne paid to stockholders, at the end of the iiscal year of sei <·orpo`ration next preceding the election of directors, and when a director has been elected in accordance with the provisions of sections 12 to 27, inclusive, of- this chapter it shall be lawful for him to continue as such for one year thereafter.

When any person elected or chosen as a director or officer or selected as an employee of any banker other corporation subject to the provisions of sections. 12 to 27, inclusive, of this chapter is eligible at the time of his election or selection 1 act for such bank or other corporation in such capacity his eligibility to act in such capacity shall not be affected and I shall not become or be deemed amenable to any of the pn visions Qhereof bylreeson of any change ng the ,aKairs of uc bank or other corporation from whatsoever cause, Avhghe specifically, excepted by any of the provisions hereof or no until the expjration of one year from the date of his electic or employment (Oct. 15,1914, c, 323,-§ S, 38- Stat. 732;% Ms 15, 1916, c. 120, 39 Stat,. 12}; May `26, 1920; c. 206, 41 Stat. 626.

20. Purchases by common carriers in case of interlocking directors, etc.—No common carrier engaged in commerce shall have any dealings in securities, supplies or other articles 4 commerce, or shall make or have 'any contracts for constru tion or maintenance rof any kind, to the amount or mon than $50,000, in the, aggregate, in any onelyear, with anotha corporation, firm, partnership or association when the said common cerrier shall have upon its board of directors or s its president, manager or us. its purchasing. or; selling office or··egent inothe particular `transaction, eny"person`who ie : the same time n director, qnanager, or purchasing or sellin 'officer of, or who has any SllbSt§Hti)1l—illtéF€St in, such othe corporation,} arm, partnership or association, unless and exceq such, purchases shall be made from; or such dealin§s ehalll with} the bidder ‘whose·bid is the most favorable to such- cor mon carrier; tobe ascertained by .competitive,biddlng unde regulations to be prescribed by ruleor otherwise by the Inte state Commerce Commission. No bid shell be received nnle the name end address ot the bidder or the names and addreseq of .-the olilcers, directors and ngeneral xnanogers thereof, it tl bidder be e corporation, or of the members, if it be a phrtne ship or mm, be given with the bid.- . ‘ _ Any person ivhojshall, directly or, indirectly, do or etterm to do anything to prevent anyone from bidding or shalldo axe ect to prevent 1'reeand mir competition among the} bidders ce those desiring to bid ehall be punished ue prescribed in th section in the case of `an othecr or director. _ c. [ ‘ — . Every such common carrier having any such transactions 4 .malgi’ng pany su`cln_ purchases, shell within thirty days nite makingthe same ille xvlththe Interstate‘Commerce Gomml sion alfulfand detailed statement of theftrnnsaction ebowir the menner-of the competitive bidding. who were the bidder engl the llQ.I!lQS'filld addresses of the directors and omcers of tl eorporntions and the members..of the lflrm or partnership bl ding; and whenxever the said co1nmission.sl1alla after investlg tion or hearing, have reason to believelthet the low has bei violated in and. about the said purchases or trensactions shall transmit all papers and doctrnnents and ite own viesvsw _‘ findings regardingthe transaction to the Attorney General.

If any common carrier shall violate this section its shall M,. fined not exceeding $25,000; and essay such director, smm manager or ofllcer thereof who shall have knowingly voted for or directed the act constituting such violation or who shall. have aided or abetted in such violation shall be deemed gains of a misdemeanor and shall be Hned not exceeding $5,0-00, or confined. in- jail not exceeding one 'year, or both, in the discretion of the court. (Oct. 15,_1914, c. 323, 9 10, 38 Stat. 734.)

21. Enforcement provisions; procedure.——Authority to enid force compliance with sections 13, 14, 18, and 19 of this chapter by the persons respectively subject thereto is vested: in the Interstate C0rmnerce‘Commission vvhereapplieable `to common carriers, in the Federal Reserve Board where applicable to banks, banking associations. and trust  and in the Federal Trade Commission where applicable to all other chan acter of commerce, to beexercisedas follows: · °, -

Whenever the commission `_0r, hoard vested with jurisdiction to thereof shall have reason to believe that any, pemon is violating is or has violated any of the provisions of mid sections, it shall me issue, and serve `upon such person a complaint; statinga its o- charges in that respect, and containing a notice of a lzearing zh upon a day and at a. place therein fixed at least thirty days er after the service of said complaint. Thelperson so complained _ »t, of shall have the right to appear at the place and time so axes! rn and show cause why an order shonld not be entered by the ty, commission or board requiring mich person to cease and desist lt. from the violation of the law so charged, in said complaint. _ _ Any person may make application, and upon v cause shown ng may be ·allo\ved‘by the commission or board, ;to in rvene and " lll appear in said lprocseomg-¤y?eo¤¤se1·.or in person. -· The testi-· of mony inany such proceeding shall he reduced to wr lag and o- med in the omce ‘ofe. the commission or hoard. _If upon such re hearing the commission or hoard, as the case may be,· shall he er of the opinion that any of the provisions of said sectionshhave id been orare being. violated, it shall make a report in wrltingoin rg which it shall.state itsfindings as to the factspand shall issue »;·,_ and cause`to be served on suchperson an order requlringsnch at '-person to.cca_se and desist from sock violations, and direst jg itself of the stock held, or rid ltselfof the directors chosen my contrary to the provisions of sections 18 and 19 ofthis chapter, pt if any there ·be,·ln ·the_manner and within thertline hxedzby _ so U said order. Until a transcript of the record fin `snch hearing n. shall have been hled ina circuit court of Rvpéals of the United er. States, asherelnafter provided, the commission or board may l si. at any time, upon suchnotlce and in such manner as it shall; SS deem proper, modify orset aside, in whole or lnbart, any report as or anyorder made or issued hy_lt under this section. 1e If such person fails or neglects to obey such order of the com »r· mission or hoard while the same is in effect, the sconimission or board may apply to thehcircuit court_of appeals of the United pt States, within any clrealt `where the violation coinplalncd of my was or is being committed or where such person. resides yr caror ries on business, for the enforcement of its.order, and shall ceris tify and fllewith its application a transcript of the-entire reo- “ ord in the proceeding, including all the testimony taken and or the report and order of the commissions or hoard. Upon such er Hling of the application, and transcript the court shall cause ‘ .s· notlcefthereof to be served iupon such pcrson·`· and .thereup0¤ ng shall have jurisdiction of the proceedingband of the question. ·s,— deterrnined tlxereinn. and shall have power to make and enter ae- upon the pleadings. testimony; and proceedings set forth in suvh d- transcript a decree adlrmlng, modifying, or settingaside the`— la- order of the `commlssion or board. The hndlags of the roman `xnission or board as to the facts, lf supported by testimonyy it shall be conclusive. If either party shall apply to the court for or leavesto adduce additional evidence, and shall show to the satfaction of the court that snch additional evidence, is material