47 U.S.C. § 212 : US Code - Section 212: Interlocking directorates; officials dealing in securities

Search 47 U.S.C. § 212 : US Code - Section 212: Interlocking directorates; officials dealing in securities

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.