Chapter 206. To amend section 8 of an Act entitled “An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes,” approved October 15, 1914, as amended May 15, 1916
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CHAP. 206.— An Act To amend section 8 of an Act entitled “An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes,” approved October 15, 1914, as amended May 15, 1916. May 26, 1920. [[H. R. 13138](/us/bill/66/hr/13138).] [[Public, No. 225](/us/pl/66/225).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* Antitrust Act, 1914.Interlocking directorates.Vol. 38, p. 733.Vol. 39, p. 121, amended.
That section 8 of an Act entitled “An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes,” approved October 15, 1914, as amended by the Act of May 15, 1916, be further amended by inserting in the proviso at the end of the second clause of said section after the word “prohibit” the words “any private banker or,” so that the proviso as amended shall read: " Federal reserve banks, and private bankers.Officers, etc., may serve in not more than two other banks, etc.“*And provided further*, That nothing in this Act shall prohibit any private banker or any officer, director, or employee of any member bank or class A director of a Federal reserve bank, who shall first procure the consent of the Federal Reserve Board, which board is hereby authorized, at its discretion, to grant, withhold, or revoke such consent, from being an officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized under the laws of the United States or any State, Condition.if such other bank, banking association, or trust company is not in substantial competition with such banker or member bank.
“The consent of the Federal Reserve Board may be procured before the person applying therefor has been elected as a class A director of a Federal reserve bank or as a director of any member bank.” Consent of Federal Reserve Board.“The consent of the Federal Reserve Board may be procured before the person applying therefor has been elected as a class A director of a Federal reserve bank or as a director of any member bank.” " Approved, May 26, 1920.