Page:United States Statutes at Large Volume 49 Part 1.djvu/1031

 986 74TH CONGRESS. SESS. I. CH. 814. AUGUST 29, 1935. the Attorney General in the name of the United States, to prevent and 3 Violations of sections ns restrain violations of any of the provisions of this Act. Any person violating any of the provisions of sections 3 or 5 shall be guilty of a misdemeanor and upon conviction thereof be fined not more than Compromise of lia. $1,000 for each offense. Subject to the approval of the Attorney Gen- bilities . oral, the Administrator is authorized, with respect to any violation of this Act, to compromise the liability arising with respect to such viola- tion (1) upon paym ent of a sum not in exc ess of $500 for e ach offense, to be collected by the Administrator and to be paid into the T reasury as misce llaneous receipt s, and ( 2) in ca se of re petitiou s violations and in order to avoid multiplicity of criminal proceedings, u pon agre ement to a stipu lation t hat the United S tates ma y, on it s o wn motio n upon f ive days ' notice to the violator, cause a consen t decree to be entered by any court of competent jurisdiction enjoining the repetition of such violation. Interlock ing direc - torates. INTERLOCKING DIRECTORATES Prohibition. Exception when ap- plicat ion appro ved by Administrator ; show- ing required. Action of Adminis- trator on application. Jurisdiction of courts to review. Exceptions to pro- hibition. Existing companies with interlocking direc- torates. Companies comply- ing with State laws. SEC. 8. (a) Except as provided in subsection (b), it shall be unlawful for any individua l to take off ice, after th e date of the enact- ment of this Act, as an of ficer or dire ctor of any c ompany, if his doing so would make him an officer or director of more than one company engaged in business as a distiller, rectifier, or blender of distilled spirits, or of any such company and of a company which is an affiliate of any company engaged in business as a distiller, rectifier, or blender of distilled spirits, or of more than one company which is an affiliate of any company engaged in business as a distiller, rectifier, or blender of distilled spirits, unless, prior to taking such office, appli- cation made by such individual to the Administrator has been grante d and af ter due showing has been made to him tha t servic e by such individual as officer or director of all the foregoing companies of which he is an officer or director together with service in the com- pany with respect to which application is made will not substan- tially restrain or prevent competition in interstate or foreign com- merce in distilled spirits. The Administrator shall, by order, grant or deny such application on the basis of the proof submitted to him and his finding thereon. The Distr ict Co urts o f the Unite d States, the Supreme Court of the District of Columbia, and the United States court for any Territory shall have jurisdiction of suits to enjoin, annul, or suspend in whole or in part any final action by the Administrator upon any application under this subsection. (b) An individual may, without regard to the provisions of sub- section (a), take office as an' officer or director of a company described in subsection (a) while holding the position of officer or director of any other such company if such companies are affiliates at the time of his taking office and if- (1) S uch comp anies ar e affili ates on the date of the enactmen t ofthisAct;or (2) Ea ch of such companies has been organized under the law of a State to comply with a requirement thereof under which, as a condition of doing business in such State, such company must be organized under the law of such State ; or (3) One or more such companies has been organized under the law of a State t o comply with a requirem ent ther eof unde r which, as a condition of doing business in such State, such company must be organized under the laws of such State, and the other one or more of such companies not so organized, is in existence on the date of the enactment of this Act ; or