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ways.

as

« Inland waterway Great Lakes.

Effective date of section 10 of

ferred.

41 Stat. L., 499.

Sec. 1 the Secretary of War to compile, publish, and distribute, Dissemination from time to time, such useful statistics, data, and infor- to inland watermation concerning transportation on inland waterways he

may deem to be of value to the commercial interests of the country. The words "inland waterway” as used in this section

includes shall be construed to include the Great Lakes.

Sec. 501. The effective date on and after which the provisions of section 10 of the Act entitled “ An Act to Clayton Act desupplement existing laws against unlawful restraints and inonopolies, and for other purposes," approved October 15, 1914, shall become and be effective is hereby deferred and extended to January 1, 1921: Provided, That such Exception. extension shall not apply in the case of any corporation organized after January 12, 1918.

Sec. 502. That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any affect remainder. court of competent jurisdiction to be invalid such judg- 41 8tat. L., 499. ment shall not affect, impair, or invalidate the remainder of the Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment has been rendered.

Invalidity of part of act not to

CLAYTON ANTITRUST ACT

in this

[Certain provisions from the Act of October 15, 1914.]

Sec. 1. That “antitrust laws," as used herein, includes: Laws included the Act entitled "An Act to protect trade and commerce against unlawful restraints and monopolies," approved July second, eighteen hundred and ninety; sections seventy-three to seventy-seven, inclusive, of an Act entitled “ An Act to reduce taxation, to provide revenue for the Government, and for other purposes," of August twenty-seventh, eighteen hundred and ninety-four; an Act entitled “An Act to amend sections seventy-three and 88 Stat. L.,780. seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled 'An Act to reduce taxation, to provide revenue for the Government, and for other purposes,'” approved February twelfth, nineteen hundred and thirteen; and also this Act.

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“Commercolo defined.

sions included.

to the pines.

66

“Person" or

fined.

No discrimina

“ Commerce,” as used herein, means trade or commerce among the several States and with foreign nations, or between the District of Columbia or any Territory of the

United States and any State, Territory, or foreign naInsular posses- tion, or between any insular possessions or other places

under the jurisdiction of the United States, or between any such possession or place and any State or Territory of the United States or the District of Columbia or any foreign nation, or within the District of Columbia or any

Territory or any insular possession or other place under Not applicable the jurisdiction of the United States: Provided, That

nothing in this Act contained shall apply to the Philippine Islands.

The word person” or “persons " wherever used in “person8" de

this Act shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the Territories, the laws of any State, or the laws of any foreign country.

SEC. 2. That it shall be unlawful for any person tion in prices.

engaged in commerce, in the course of such commerce, either directly or indirectly to discriminate in price between different purchasers of commodities, which commodities are sold for use, consumption, or resale within the United States or any Territory thereof or the District of Columbia or any insular possession or other place under the jurisdiction of the United States, where the effect of such discrimination may be to substantially les

sen competition or tend to create a monopoly in any line Exceptions, of commerce: Provided, That nothing herein contained

shall prevent discrimination in price between purchasers of commodities on account of differences in the grade, quality, or quantity of the commodity sold, or that makes only due allowance for difference in the cost of selling or transportation, or discrimination in price in the same or different communities made in good faith to meet competition: And provided further, That nothing herein contained shall prevent persons engaged in selling goods, wares, or merchandise in commerce from selecting their own customers in bona fide transactions and not in restraint of trade.

SEC. 3. That it shall be unlawful for any person fix prices as to create monopoly. engaged in commerce, in the course of such commerce,

to

Unlawful so to

Secs, 3 and 7

lease or make a sale or contract for sale of goods, wares, merchandise, machinery, supplies or other commodities, whether patented or unpatented, for use, consumption or resale within the United States or any Territory thereof or the District of Columbia or any insular possession or other place under the jurisdiction of the United States, or fix a price charged therefor, or discount from, or rebate upon, such price, on the condition, agreement or understanding that the lessee or purchaser thereof shall not use or deal in the goods, wares, merchandise, machinery, supplies or other commodities of a competitor or competitors of the lessor or seller, where the effect of such lease, sale, or contract for sale or such condition, agreement or understanding may be to substantially lessen competition or tend to create a monopoly in any line of commerce.

9

voting proxies of

SEC. 7. That no corporation engaged in commerce shall Acquisition of

stock of competi. acquire, directly or indirectly, the whole or any part of tor prohibited. the stock or other share capital of another corporation engaged also in commerce, where the effect of such acquisition may be to substantially lessen competition between the corporation whose stock is so acquired and the corporation making the acquisition, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce.

No corporation shall acquire, directly or indirectly, the acquisition of whole or any part of the stock or other share capital of competitors protwo or more corporations engaged in commerce where the effect of such acquisition, or the use of such stock by the voting or granting of proxies or otherwise, may be to substantially lessen competition between such corporations, or any of them, whose stock or other share capital is so acquired, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce. This section shall not apply to corporations purchasing

Exceptions. such stock solely for investment and not using the same by voting or otherwise to bring about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in commerce from causing the formation of subsidiary corporations for the actual carrying

Secs. 7 and 8

Carriers

may

on of their immediate lawful business, or the natural and legitimate branches or extensions thereof, or from owning and holding all or a part of the stock of such subsidiary corporations, when the effect of such formation is not to substantially lessen competition.

Nor shall anything herein contained be construed to absorb noncoinpetitive short prohibit any common carrier subject to the laws to regulines.

late commerce from aiding in the construction of branches or short lines so located as to become feeders to the main line of the company so aiding in such construction or from acquiring or owning all or any part 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. Antitrust laws Nothing contained in this section shall be held to affect not repealed.

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 antitrust laws, nor to exempt any person from the penal provisions thereof or the civil remedies therein provided.

Sec. 8. That from and after two years from the date of banks of large cap- the approval of this Act no person shall at the same time ital

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 asso

Director in more than one

Sec. 8

officer.

ciation organized or operating under the laws of the United States. The eligibility of a director, officer, or Eligibility of 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 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 this Act it shall be lawful for him to continue as such for one year thereafter under said election or employment.

[A8 amended May 15, 1916, and May 26, 1920.] No Onicer in bank, banking association or trust company, organized or not serve in anoperating under the laws of the United States, in any 38 Stat. L., 730. 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 savings 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 Federal ro. a director of class A of a Federal reserve bank, as defined private bankers. in the Federal Reserve Act from being an officer or director or both an officer and director in one member bank : And provided further, That nothing in this Act shall prohibit any private banker or any officer, director, or employee of any member bank or class A director of a Federal reserve bank, who shall first procure the consent of the Federal Reserve Board, which board is hereby authorized, at its discretion, to grant, withhold, or revoke such consent, from being an officer, director, or employee of Officers may not more than two other banks, banking associations, or trust companies, whether organized under the laws of the

smaller bank can

other bank.

. 89 Stat. L., 121. 41 Stat. L., 628.

serve banks, and

serve in not more than two other banks.

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