
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 47USC212]

 
          TITLE 47--TELEGRAPHS, TELEPHONES, AND RADIOTELEGRAPHS
 
                 CHAPTER 5--WIRE OR RADIO COMMUNICATION
 
                     SUBCHAPTER II--COMMON CARRIERS
 
                    Part I--Common Carrier Regulation
 
Sec. 212. Interlocking directorates; officials dealing in 
        securities
        
    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, Sec. 212, 48 Stat. 1074; Aug. 2, 
1956, ch. 874, Sec. 1, 70 Stat. 931; Pub. L. 103-414, title III, 
Sec. 304(a)(2), Oct. 25, 1994, 108 Stat. 4296.)


                               Amendments

    1994--Pub. L. 103-414 substituted ``It shall'' for ``After sixty 
days from June 19, 1934, it shall''.
    1956--Act Aug. 2, 1956, inserted proviso that Commission may 
authorize persons to hold position of officer or director in more than 
one carrier, where carrier owns more than 50 percent of the stock of the 
other carriers, or that 50 percent or more of the stock of all such 
carriers is owned by the same person, struck out ``such'' before 
``carrier'' in sentence after proviso, inserted ``subject to this 
chapter'' after that word, and substituted ``carriers'' for ``carrier'' 
toward end of said sentence.
