INTERLOCKING BANK DIRECTORATES 
UNDER THE CLAYTON ACT 
(FEDERAL RESERVE BoARD REGULATION L, Series or 1924) 
Definitions applicable to this regulation: 
Member bank—Any national bank and any state bank or trust company which 
is a member of the Federal Reserve System. 
National bank—National banking associations, and all banks and trust com- 
panies doing business in the District of Columbia. 
Resources—An amount equal to the sum of the deposits, capital, surplus, and 
undivided profits. 
State bank—Any bank, banking association, or trust company incorporated 
under state law. 
Private banker—Any unincorporated individual engaging in one or more phases 
of the banking business and to any member of an unincorporated firm engaging 
in such business. 
Edge Act—Section 25 (a) of the Federal Reserve Act, as amended December 24, 
1919. 
Edge Corporation—Any corporation organized under the provisions of the Edge 
Act. 
City of over 200,000 inhabitants—Any city, incorporated town, or village of more 
than 200,000 inhabitants, as shown by the last preceding decennial census of 
the United States. Any bank located anywhere within the corporate limits of 
such city is located in a city of over 200,000 inhabitants within the meaning of 
the Clayton Act, even though it is located in a. suburb or an outlying district 
at some distance from the principal part of the city. 
Prohibitions of Clayton Act 
Tue Clayton Antitrust Act lays down three specific conditions in 
which directors of one bank are forbidden to be directors of another 
bank, viz. : 
|—No person who is a director or other officer or employee of a national bank 
or Edge Corporation having resources aggregating more than $5,000,000 can 
legally serve at the same time as director, officer, or employee of any other 
national bank or Edge Corporation, regardless of its location. 
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