Page:United States Statutes at Large Volume 38 Part 1.djvu/751

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732 SIXTY-THIRD CONGRESS. Sess. II. Cn . 323. 1914. between the corporation whose stock is so acquired and the corporation making the acquisition, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce. p,§,§,,‘_,‘,§‘,'{_°"”°’° °“‘ No corporation shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of two or more corporations engaged in commerce where the effect of such acquisition, or the use of such stock by the voting or grantinggf proxies or otherwise, may be to substantially lessen competition tween such corporations, or any of them whose stock or other share capital is so acquired, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce. ,°,P,§,’§§;,s,,{,”,{,,p,Sg§{’},{ This section shall not apply to corplprations purchasing such stock red- solely for investment and not using the same by voting or otherwise to about, or_in attemptinglto bring about, the substantial l°§'gk**•**¤¤¢S» sw-·¤*· semng of competition. Nor sha anything contained in this section prevent a coigoration engaged in commerce from eausing the formation of subsi corporations for the actual carrying on of their immediate lawfu business, or the natural and legitimate branches or _ _ extensions thereof, or from owning and holding all or a part of the °°"°'"°"‘ stock of such subsidiary corporations, when the effect of such formacomm mmm tion is not to substantially essen cozipetition. may an pgmmeoa Nor shall anything herein contain be construed to prohibit any §f,,“§§c'Y ’“‘°“ “ ‘°°"‘ common carrier subject to the laws to rein-:11ate commerce from aiding in the construction of branches or short "' es so located as to become feeggrs to the main line thpn company so aipglg in suchfconcsitripction .6n or m mringovrowmng oranyparto estocko su rancn ~ siéiiig u¤&T°°m°°t lines, nczcq to prevent any such common carrier from acquiring and owning all or any part of the stock of a branch or short line constructed by an mdependent company where there is no substantial competition between the company owmng the branch line so constructed and the company owning the main line acquiring the property or an interest ,,,Q°%‘§ ‘§‘;‘,}""{,'§$§ therein, nor to tprevent such common carrier from extend` any of its ms. lines through e medium of the acquisition of stock orlhléierwise of any other such common carrier where there is no substantial competition between the company extending its lines and the company whose stock, propeorgy, or an interest therein is so acquired. _ m*;;j,¤¤ rism vw- Notlnnqlcontam m this section shall be held to affect or impair Pima. any_nght oretofore legally acquired: Provided, That nothigg m this ,,,§§,,‘{,_§‘W,,_,¥,,‘j,?",§_ *"°"" section shall be held or construed to authorize or make la ul any- thing heretofore prohibited or made illegal by the antitrust laws, nor to exempt any person from the penal provisions thereof or the civil remedies therein provided. wgnttglvckiug avec- Sup. 8. That from and after two years from the date of the a proval aesiemm, ana of this Act no person shall at the same time be a director or other oili- 'f,§',,‘;§‘{’{,f;,‘§'¤$g",§§,°f,g§ cer or employee of more than one bank, banking association or trust sam man, ac. eompan , o anized or o rating under the laws of the United States, _ either 0 which has deposits, capital, surplus, and undivided profits ,,,,§’,,2{,°,§‘; Sbgyfgfggf more than $5,000,000; and no private banker or rson sw- w o is a director in anfy bank or trust company, organized andfiperating under the laws o a State, having deposits, capital, surplus, and undivided profits aggregating more than $5,000,000, shall be eligible to be a director in any bank or banking association o anized or ,,,18§§’,§§,Q,f"‘“*°*’“ °‘ operating under the laws of the United States. The cli;-iility of a director, officer, or employee under the foregoing provisions shall be determined by the average amount of de its, capital, surplus, and undivided profits as shown in the officialxgsatements of such bank, banking association, or trust comtgany filed as provided by law during the fiscal year next preceding e date set or the annual election _,,,,'§,‘§“‘*’°'“"' °°“‘m“' of directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of this Act it shall be