APPENDIX 
Interlocking Bank Directorates 
Clayton Antitrust Act, approved October 15, 1914, as amended by the Kern amendment, 
approved May 15, 1916, as amended by the Act approved May 26, 1920* 
Sec. 8. That from and after two years from the date of the approval of this Act no 
person shall at the same time be a director or other officer or employee of more than one 
bank, banking association, or trust company organized or operating under the laws of 
the United States, either of which has deposits, capital, surplus, and undivided profits 
aggregating more than $5,000,000; and no private banker or person who is a 
director in any bank or trust company organized and operating under the laws of 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 organi- 
zed or operating under the laws of the United States. The eligibility of a director, 
officer, or employee under the foregoing provisions shall be determined by the average 
amount of deposits, capital, surplus, and undivided profits as shown in the official 
statements of such bank, banking association, or trust company filed as provided by 
law during the fiscal year next preceding the date set for the annual election of direc- 
tors, and when a director, officer, or employee has been elected or selected in accordance 
with the provisions of this Act it shall be lawful for him to continue as such for one year 
thereafter under said election or employment. 
No bank, banking association, or trust company organized or operating under the 
laws of the United States, in any city or incorporated town or village of more than two 
hundred thousand inhabitants, as shown by the last preceding decennial census of the 
United States, shall have as a director or other officer or employee any private banker 
or any director or other officer or employee of any other bank, banking association, or 
trust company located in the same place: Provided, That nothing in this section shall 
apply to mutual savings banks not having a capital stock represented by shares: Pro- 
vided further, That a director or other officer or employee of such bank, banking associa- 
tion, or trust company may be a director or other officer or employee of not more than 
one other bank or trust company organized under the laws of the United States or any 
State where the entire capital stock of one is owned by stockholders in the other: And 
provided further, That nothing contained in this section shall forbid a director of class A 
of a Federal reserve bank, as defined in the Federal Reserve Act, from being an officer 
or director, or both an officer and director, in one member bank: 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 auth- 
orized, 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, 
20 
1Amended by sec. 25 of Federal Reserve Act as amended Se ; C! 
y e , pt. 7, 1916; and amended by Act 
approved Dec. 24, 1919, amending the Federal Vv i i fort 
0 inl rl Reserve Act, as to corporations engaged in foreign 
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