of the stock of such branch-lines, nor to prevent any such common
carrier from acquiring and owning all or any part of the stock
of a branch or short line constructed by an independent company
where there is no substantial competition between the company
owning the branch-line so constructed and the company owning
the main-line acquiring the property or an interest therein, nor
to prevent such common carrier from extending any of its lines
through the medium of the acquisition of stock or otherwise of
any other such common carrier where there is no substantial
competition between the company extending its lines and the
company whose stock, property, or an interest therein is so acquired.
Nothing contained in this section shall be held to affect or
impair any right heretofore legally acquired: PROVIDED, That
nothing in this section shall be held or construed to authorize or
make lawful anything heretofore prohibited or made illegal by the
anti-trust laws, nor to exempt any person from the penal provisions
 thereof or the civil remedies therein provided.

Sec, 8. 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 organized 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 banks, bankingassociation,
 or trust-company filed as provided by law during the
fiscal year next preceding the date set for the annual election of
directors, 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