Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-12-08

A recent opinion of the acting So
licitor of the Treasury, constituting GER
tain provisions of the Clayton Anti
Trust Act, is of such general interest
that the Journal publishes the same in
full herewith. We preface it by our
own summary of the points which
seem to us to be fairly established by
the opinion and the law therein quot
ed, namely:
1. From and after October Is, 1916,
no person can act as director, officer,
or employee of any bank or trust COM
pany organized or operating under
United States laws and having depos-
its, capital, surplus. and undivided
profits aggregating more than $780,
000 while at the same time a director,
officer or employee of another such
bank, whether state or national.
2. From and after October Is, 1916,
in places of more than 200, 900 inhabi-
tants, no person can act as a director,
officer, or employee of any bank or
trust company organized or operating
under United States laws while at the
same time director, officer or en-
ployee of another bank or trust COM
pany, whether state or national, in the
same place; except that in case of
mutual savings banks not having a
capital represented BY shares, the pro-
hibition does not apply
8. 4 person elected prior to October
Is. 1916. who would not be eligible to
serve by reason of paragraphs 1 and
2, had he been elected subsequent to
that date, may nevertheless serve for
1916, as constitutes the unexpired part
of one year from the date of his cleo
ton.
4. The same person may at any
time be a director, officer or employee
in bank organized or operating under
United States laws and in one other
bank or trust company, whether state
or national, where the entire capital
stock of one is owned by stockholders
in the other, without regard to the SIS, :
600, 600 Limitation or to the number of
inhabitants of the place in which the
banks are located.
5. A director of class a of a federal
reserve bank may be both an officer
and director in one member bank.
Following is the full text of the
opinion in question: which was released
for publication December 5, 1874:
Department Of Justice.
Office of the Solicitor Of the Treasury.
Washington, d. c., November a, 1914.
The Federal Reserve Board,
MISUNDERSTANDING to the so-called
Clayton Law approved October Is, 1914,
regarding monopolies, etc. | am request
ed to advise you whether the words
from and after two years from the date
of the approval Of the said act, apply to
Paragraph of Section S.
In other words, Mr.. Robert W. Webb,
vice president of the Minnea polls Trust
Company, inquiries of your board by let
ter dated the 18th instant, whether a d.
rector of the company is eligible TO serve
as a director Of a national bank not hav-
ing common ownership of stock, until the
expiration OF two years after the ap-
prevail OF the act. And if SO. may he not
further serve for saoh time thereafter as
would constitute the unexpired part OF
one year from the date of his election?
The first para graph provides:
THAT from and after two years from
the date of the approval OF this act no
person shall at the same tine BE difee-
tor 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, sur
plus and undivided profits ageregaung
more than 100000 and no private bank