National banking under the Federal Reserve System

Bibliographic data

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 2—No person who is a director in a state bank or trust company having resources aggregating more than $5,000,000, or who is a private banker having re- sources aggregating more than $5,000,000, can legally serve at the same time as director of any national bank or Edge Corporation, regardless of its location. 3—No person can legally be a director, officer, or employee of a national bank or Edge Corporation located in a city of more than 200,000 inhabitants who is at the same time a private banker in the same city or a director, officer, or employee of any other bank (state or national) located in the same city, regardless of the size of such bank. The eligibility of a director, officer, or employee under the foregoing provisions is 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 directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of the Clayton Act it is lawful for him to continue as such for one year thereafter under said election or employment. When any person elected or chosen as a director, officer, or em- ployee of any bank is eligible at the time of his election or selection to act for such bank in such capacity his eligibility to act in such capacity is not affected by reason of any change in the affairs of such bank from whatsoever cause, until the expiration of one year from the date of his election or employment. Exceptions: 1—The provisions of the Clayton Act do not apply to mutual savings banks not having a capital stock represented by shares. 2—Do not prohibit a person from being at the same time a director, officer, or employee of a national bank or Edge Corporation and not more than one other national bank, Edge Corporation, State bank, or trust company, where the entire capital stock of one is owned by the stockholders of the other. 3—Do not prohibit a person from being at the same time a class A director of a Federal Reserve Bank and also an officer or director, or both an officer and a director, in one member bank. t—Do not prohibit a person who is serving as director, officer or employee of a national bank, or Edge Corporation, even though it has resources aggrega- ting over $5,000,000, from serving at the same time as director, officer or employee of any number of state banks and trust companies, provided such {851

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