National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Interlocking bank directorates under the clayton act

Collection:: Economics Books

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. [R92 1

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