Page:United States Statutes at Large Volume 52.djvu/1044

 52 STAT.] 75TH CONG. , 3D SESS.-CH. 601-JUNE 23, 1938 represents such officer or director as an officer, director, or member, or as a stockholder holding a controlling interest, in any other person who is a common carrier or is engaged in any phase of aeronautics. (3) For any person who is an officer or director of an air carrier to hold the position of officer, director, or member, or to be a stock- holder holding a controlling interest, or to have a representative or nominee who represents such person as an officer, director, or member, or as a stockholder holding a controlling interest, in any other person who is a common carrier or is engaged in any phase of aeronautics. (4) For any air carrier to have and retain an officer or director who is an officer, director, or member, or who as a stockholder holds a controlling interest, in any person whose principal business, in purpose or in fact, is the holding of stock in, or control of, any other person engaged in any phase of aeronautics. (5) For any air carrier, knowingly and willfully, to have and retain an officer or director who has a representative or nominee who repre- sents such officer or director as an officer, director, or member, or as a stockholder holding a controlling interest, in any person whose prin- cipal business, in purpose or in fact, is the holding of stock in, or control of, any other person engaged in any phase of aeronautics. (6) For any person who is an officer or director of an air carrier to hold the position of officer, director, or member, or to be a stock- holder holding a controlling interest, or to have a representative or nominee who represents such person as an officer, director, or mem- ber, or as a stockholder holding a controlling interest, in any person whose principal business, in purpose or in fact, is the holding of stock in, or control of, any other person engaged in any phase of aeronautics. Profit from Transfer of Securities (b) After this section takes effect it shall be unlawful for any officer or director of any air carrier to receive for his own benefit, directly or indirectly, any money or thing of value in respect of negotiation, hypothecation, or sale of any securities issued or to be issued by such carrier, or to share in any of the proceeds thereof. LOANS AND FINANCIAL AID SEC. 410. The Authority is empowered to approve or disapprove, in whole or in part, any and all applications made after the effective date of this section for or in connection with any loan or other finan- cial aid from the United States or any agency thereof to, or for the benefit of, any air carrier. No such loan or financial aid shall be made or given without such approval, and the terms and conditions upon which such loan or financial aid is provided shall be prescribed by the Authority. METHODS OF COMPETITION SEC. 411. The Authority may, upon its own initiative or upon com- plaint by any air carrier or foreign air carrier, if it considers that such action by it would be in the interest of the public, investigate and determine whether any air carrier or foreign air carrier has been or is engaged in unfair or deceptive practices or unfair methods of competition in air transportation. If the Authority shall find, after notice and hearing, that such air carrier or foreign air carrier is engaged in such unfair or deceptive practices or unfair methods of competition, it shall order such air carrier or foreign air carrier to cease and desist from such practices or methods of competition. 1003 Profit from transfer of securities. Loans and financial aid. Methods of competi- tion.

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