—_ 51Ìl —

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 saving-banks not having a capital stock
represented by shares: PROVIDED FURTHER. That a director or
other officer or employee of such bank, banking-association, 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. That from and after
two years from date of the approval of this Act no person at
the same time shall be a director in any two or more corporations,
any one of which has capital, surplus, and undivided profits aggregating
 more than $ 1.000.000.— engaged in whole or part in
commerce, other than banks, banking-associations, trust-companies
and common carriers, subject to the Act to regulate commerce,
approved February fourth, eighteen hundred and eighty seven, if
such corporations are or shalí have been theretofore, by virtue
of their business and location of operation, competitors, so that
the elimination of competition by agreement between them would
constitute a violation of any of the provisions of any of the antitrust
 laws. The eligibility of a director under the foregoing
provision shall be determined by the aggregate amount of capital,
surplus, and undivided profits, exclusive of dividends declared but
not paid to stockholders, at the end of the fiscal year of said
corporation next preceding the election of directors, and when a
director has been elected in accordance with the provisions of
this Act it shall be lawful for him to continue as such for one
year thereafter.
When any person elected or chosen as a director or officer or
selected as an employee of any bank or other corporation subject
to the provisions of this Act is eligible at the time of his election