§ 212. Interlocking directorates; officials dealing in securities

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It shall be unlawful for any person to hold the position of officer or director of more than one carrier subject to this chapter, unless such holding shall have been authorized by order of the Commission, upon due showing in form and manner prescribed by the Commission, that neither public nor private interests will be adversely affected thereby: Provided, That the Commission may authorize persons to hold the position of officer or director in more than one such carrier, without regard to the requirements of this section, where it has found that one of the two or more carriers directly or indirectly owns more than 50 per centum of the stock of the other or others, or that 50 per centum or more of the stock of all such carriers is directly or indirectly owned by the same person.

After this section takes effect it shall be unlawful for any officer or director of any carrier subject to this chapter 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, or to participate in the making or paying of any dividends of such carriers from any funds properly included in capital account.

(June 19, 1934, ch. 652, title II, § 212, 48 Stat. 1074; Aug. 2, 1956, ch. 874, § 1, 70 Stat. 931; Pub. L. 103–414, title III, § 304(a)(2), Oct. 25, 1994, 108 Stat. 4296.)

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Sec. 212
INTERLOCKING DIRECTORATES—OFFICIALS DEALING IN SECURITIES

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U.S. Code

Short title
§ 609

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June 19, 1934, ch. 652
48 Stat. 1074
Aug. 2, 1956, ch. 874, § 1
70 Stat. 931
Pub. L. 103–414, title III, § 304(a)(2)
108 Stat. 4296
act June 19, 1934, ch. 652
48 Stat. 1064
Pub. L. 103–414

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§ 212

Interlocking directorates; officials dealing in securities

Stat. Comp.×1

Stat.×1

U.S.C.§ 609

ActJune 19, 1934, ch. 652

Stat.48 Stat. 1074

ActAug. 2, 1956, ch. 874, § 1

Stat.70 Stat. 931

Pub. L.Pub. L. 103–414, title III, § 304(a)(2)

Cites 10 · showing 6Cited by 2 across 2 sources