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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Interlocking bank directorates under the clayton act

Collection:: Economics Books

INTERLOCKING BANK DIRECTORATES UNDER THE CLAYTON ACT grant, withhold, or revoke such consent; but if they are in substantial competition, the Board has no discretion in the matter and must refuse such consent. When obtained—Inasmuch as the Kern amendment excepts from the prohibitions of the Clayton Act only those “who shall first procure the consent of the Federal Reserve Board,” it is a violation of the law to serve two or more institutions in the prohibited classes before such consent has been obtained. Such consent should be obtained, there- fore, before becoming an officer, director, or employee of more than one bank in the prohibited classes. Such consent may be procured before the person applying therefor has been elected as a class A direc- tor of a Federal Reserve Bank or as a director of any member bank. Approval or disapproval—As soon as an application is acted upon by the Board, the applicant will be advised of the action taken. If the Board approves the application, a formal certificate of permis- sion to serve on the banks involved will be issued to the applicant. Rehearing—If the Board decides that the banks are in substantial competition and that it cannot approve the application, it will, upon petition of the applicant, reconsider its decision and afford him every opportunity to present any additional facts or arguments bearing on the subject. Effect of permits—Permission once granted is continuing until revoked, and need not be renewed. Revocation—All permits, however, are subject to revocation at any time in the discretion of the Federal Reserve Board. The issuance of a permit to any person shall have the effect of revoking any or all Permits which may have been issued previously to that person. Permits under Section 25 of the Federal Reserve Act Wir the approval of the Federal Reserve Board, any director, officer, or employee of a member bank which has invested in the stock of any Corporation principally engaged in international or foreign banking or financial operations or banking in a dependency or insular posses- Sion of the United States, under the provisions of section 25 of the Federal Reserve Act, may serve as director, officer, or employee of any Such foreign bank or financial corporation. [85 1

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