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2019 US Code
Title 47 - Telecommunications
Chapter 5 - Wire or Radio Communication
Subchapter II - Common Carriers
Part I - Common Carrier Regulation
Sec. 212 - Interlocking directorates; officials dealing in securities

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Citation 47 U.S.C. § 212 (2019)
Section Name §212. Interlocking directorates; officials dealing in securities
Section Text

It shall be unlawful for any person to hold the position of officer or director of more than one carrier subject to this chapter, unless such holding shall have been authorized by order of the Commission, upon due showing in form and manner prescribed by the Commission, that neither public nor private interests will be adversely affected thereby: Provided, That the Commission may authorize persons to hold the position of officer or director in more than one such carrier, without regard to the requirements of this section, where it has found that one of the two or more carriers directly or indirectly owns more than 50 per centum of the stock of the other or others, or that 50 per centum or more of the stock of all such carriers is directly or indirectly owned by the same person. After this section takes effect it shall be unlawful for any officer or director of any carrier subject to this chapter to receive for his own benefit directly or indirectly, any money or thing of value in respect of negotiation, hypothecation, or sale of any securities issued or to be issued by such carrier, or to share in any of the proceeds thereof, or to participate in the making or paying of any dividends of such carriers from any funds properly included in capital account.

Source Credit

(June 19, 1934, ch. 652, title II, §212, 48 Stat. 1074; Aug. 2, 1956, ch. 874, §1, 70 Stat. 931; Pub. L. 103–414, title III, §304(a)(2), Oct. 25, 1994, 108 Stat. 4296.)

Editorial Notes REFERENCES IN TEXT

This chapter, referred to in text, was in the original "this Act", meaning act June 19, 1934, ch. 652, 48 Stat. 1064, known as the Communications Act of 1934, which is classified principally to this chapter. For complete classification of this Act to the Code, see section 609 of this title and Tables.

AMENDMENTS

1994—Pub. L. 103–414 substituted "It shall" for "After sixty days from June 19, 1934, it shall".

1956—Act Aug. 2, 1956, inserted proviso that Commission may authorize persons to hold position of officer or director in more than one carrier, where carrier owns more than 50 percent of the stock of the other carriers, or that 50 percent or more of the stock of all such carriers is owned by the same person, struck out "such" before "carrier" in sentence after proviso, inserted "subject to this chapter" after that word, and substituted "carriers" for "carrier" toward end of said sentence.

Publication Title United States Code, 2018 Edition, Supplement 1, Title 47 - TELECOMMUNICATIONS
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 47 - TELECOMMUNICATIONS
CHAPTER 5 - WIRE OR RADIO COMMUNICATION
SUBCHAPTER II - COMMON CARRIERS
Part I - Common Carrier Regulation
Sec. 212 - Interlocking directorates; officials dealing in securities
Contains section 212
Date 2019
Laws In Effect As Of Date January 24, 2020
Positive Law No
Disposition standard
Statutes at Large References 48 Stat. 1074, 1064
70 Stat. 931
108 Stat. 4296
Public Law References Public Law 103-414
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