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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (June 1, 1914)
? The Commoner JUNE, 1914 9 tor or other .officer or employee of any such . common carrier for which he of such partner ship or bank ' or trust company acts, oithter separately or in connection with others, as agent for or underwriter of the sale or disposal by such common carrier of issues or parts of issues of Its ' securities, or from which ho or such partnership or bank or trust company purchases, either sep arately or in connection with others, issues or parts of Issues of securities 'of such' common carrier. ' that from, and after, two years from the date of the approval of this act no person shall. .at the same, time be a director or other officer, or employee of more than one bank, .banking. asso ciation, or trust company .organized, or opqrat irig Under, the laws of the United States either of which deposits, capital,, surplus, and undivid ed1 Profits aggregating more than ($'2,(00J0"(Jp; and no private banker or person who is a direc tor in any bajik or tr.ust company, organized and operating under the laws of a state,, having de posits,; capita.l, surplus, and undivided, profits aggregating more than $2,500,0.00, .shall be eligible to be, a director in any bank or. banking association organized or, operating under, tje laws 6,f the, United States. The eligibility pf a dire'c.tor, officer, 'or employee under the foregoing 'provisions 'shall be determined, by the average amount of deposits, capital, .surplus, .'and undi vided profits as shown in the. official statements of4 such bank,, banking association, or trust com pany -.filed as .pro.vided by. law during'. the. fiscal ea.r next preceding the .date set for the annual election of directors, and when a director, officer, or. employee has been .elected or. selected, in, ac cordance, with, the provislops vof this . act ,lt shall be lawful fq'r, h'im. fb cpntinuo as such , or. oue year thereafter .under said election oiempiay- w1' . :..-..',. ....,, , ; o bank,, banking association, or trust, com pany , organized or operating; under the- laws of the , United States- in anycJty or incorporated town or village of more thanone hundred 'thou sand inhabitants,, as shown by the lust preced ing decennial census of the United Statesv shall , hayeh.as , a, director or :other-oiucer or,. empldyee nyiPrtYat,, .banker .or any director, or -other officer oi) employee.tof any other bahk,hbanking associat'on,- or trust company located in the' same place: Provided, That nothing in this section shall aitoly to mutual. savings; banks not having a capital stOok represented by shares':- Provided , further, That a director or other officer or em ployee, .of such bank bankings association, or trust company may be a director or other officer on employee of not more than one bahk 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 con tained in this section shall forbid a director of class A of at federal reserve bank, as -defined in the. federal. reserve act, from being an officer or -director or both-an offioer and director in one .member bank. 'That from and after two years from the date -of the approval of this act ho person at the sahae tihVe"shall be a director in any two or more cor porations; either' of which has capital, surplus, and ' undivided 'profits aggregating more than $1,000,000 engaged in whole or in part incom Wercei, other thatt common carriers 'subject to the act to regulate commerce, ' approved 'February 4th, : 1887, if such- corporations are or shall 'have .been therefore, by virtue of their business- and location of operation, competitors, so' that an elimination of competition 'by agree ment between them would constitute a violation of any of the provisions of any of the rintl-trust 'laws." -The eligibility of a (director 'under the foregoing provision shall be determined by the aggregate amount of the capital, surplus and un divided profits, exclusive of dividends declared but not paid to stockholders, at the end of the fiscal yea' of said corporation next preceding the election of directors, and when a director has been elected in accordance with the provisions of thte act it 'Shall be lawful for him to continueas such i for one year thereafter.' ' ' ' ' Wheil "aii'y person elected' or chosen as a dl feVtb'r or officer or selected 'as' an empldyee of ",1a,nyllv'bank 'or 'other corporation ' subject to' the 'pdVislom tit this act, fs eligible at the time of 'li is" election 6r selection to act for such bahk.br 'dtlier cfcrpdratlon in snett capacity his eligibility 'Wadihsu'dh' capacity Bhall'riot be' "affected and fi&httir rit'fi'e'cojne or'n'e deemed amenable, to J'air?rof',ftid provisions' hereof' by reason of arfy hfefe'lAHhe'hffairs'of1 dubh'bank or'dth'ercbr 'pbtfation from' 'whatsoever' cause! Whether 'spe cifically excepted by any of the provisions here- bf or tfot, until the expiration of one year from the date of his election or employment. That any person who shall violate any of tho provisions of this section shall bo guilty of a misdemeanor and shall bo punished by a fine of not exceeding $100 a day for each day of the continuance of such violation, or by imprison ment for such period as the court may designate, not exceeding one year, or by both, in the dis cretion of the court. Sec. 10. That any suit, action, or proceed ing under the anti-trust laws against a corpora tion may be brought not only in the judicial district whereof it is an inhabitant, but also in any district, wherein it may bo found or has an agent. Sec. 11 That in any suit, action, or proceed ing brought by or on behalf of the United States subpoenas for witnesees who are required to, attend a court of tho United States in any judicial district in any case, civil or criminal, arising under the anti-trust laws may run into any other district: Provided, That in civil cases no writ of subpoena shall issue for witnesses living out of the district in which the court is held at a greater distance than one hundred miles from the place of holding tho same with out the permission of the trial court being first had upon proper application and cause shown. Sec-12. That whenever a corporation shall violate any of the provisions of the anti-trust laws, such violation shall bo deemed to bo also that of the individual directors, officers, or agents of such corporation who shall have au thorized, ordered, or done any of tho acts con stituting in whole or in part such violation, and , such violation shall be deemed a misdemeanor, and upon conviction therefor of any such di rector, officer, or agent he shall bo punishod by afine of not exceeding $5,000 or by imprison ment for not exceeding one year, or by both, in the" discretion of the court. Soc. 13. That the several district courts of the United States are hereby invented -with juris diction to prevent and restrain violations or this act; and it shall be the duty of the several d's trict attorneys of the United States, in their re spectiVe'tiistrlcts, under tho direction of the at torney general, to institute proceedings In equity to prevent and restrain such violations. Such proceedings ma he by way of petition setting 'forth the case and praying that such violation 'shall be enjoined or otherwise prohibited.' When the.''barUes complained of shall have been duly notified of such petition, the court shall prpceed, as soon as may.be, to the hearing and determ inati.oh of the case; and pending such petition, and before final decree, the court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises. Whenever it shall appear to the court before which any snch proceeding may be pend ing that the ends of justice require that other parties should bo brought before the court, tho court may cause them to be summoned, whether they reside in the district in which the court is held or not, and subpoenas to that end may be served in any district by the marshal thereof. Sec' 14, That any person, firm, corporation, or association shall be entitled to sue for and have injunctive relief, In any court of the United States having, jurisdiction over the parties, against threatened loss or damage by .a viola tion of the anti-trust laws, when and under tho same conditions and principles ha injunctive re lief against threatened conduct that will cause loss or damage Is granted by courts of equity, under the rules governing such proceedings, and upon the execution of proper bond against dam ages for an injunction improvidently granted and a showing that the danger of irreparable loss jor damage is immediate, a preliminary in junction may issue: Provided, That nothing herein contained shall be construed to entitle any person, firm, corporation, or association, ex cept the United States, to bring suit in equity for injunctive relief against any common carrier subject to the provisions of the act to regulate commerce, approved February fourth, eighteen hundred and eighty-seven, in respect of any matter subject to the regulation, supervi sion, or other jurisdiction of the Interstate com merce commission. Sec. 15. That no preliminary injunction shall be Issued without notice to the opposite tfarty. No temporary restraining order- shall be granted without notice to tho oppbsite party unless it shall clearly. appear from 'specific facts shawn1 by affidavit or by the Verified bill that ;fmm0di'ate ahd irreparable in jurylb'ss, or dam age will result to' property' or 'a property right of the applicant before notice could be served or hearing had thereon. Kvcry such temporary restraining order shall be Indorsed with the date and hour of issuance, shall be forthwith filed in tho clerk's officb and entered of record, shall de flno tho injury and stato why it Is Irreparable and why the order was granted without notice, and shall by its terms expire within such lime after entry, not to exceed ten days, as tho court or judge may fix. In case a temporary restrain ing order shall be granted without notice in tho contingency specified, the matter of the Issu ance of a preliminary injunction shall be set down for a hearing at the earliest possible time and shall take precedence of all matters except older matters of tho same character; and when tho same conies up for hearing the party obtain ing the temporary restraining order shaH .pro ceed with his application for a preliminary In junction, and if ho docs not do so the cpur't shall dissolve his temporary restraining order,. Upon two days' notice to tho party obtaining such temporary restraining ordor the opposite party may appear and movo tho dissolution or modification of the ordor, and In that event tup court or judge shall proceed to hear and deter mine the motion as expeditiously as the ends of jUHtico may require. "t Section two hundred and sixty-three of an act entitled "An act to codify, roviso, and append the laws relating to tho judiciary," appr'ovpd March third, nineteen hundred and eleven, . Is hereby repealed. x . Nothing In this section contained shall . bo deemed, to altor, repeal, or amend section tw,b hundred and slxty-s'x of an act entitled "An act to codify, revise, and amend the laws relating to the judiciary," approvod March third, . nlue teen hundred and eleven. ,, Sec. 1C That, except as otherwise provided in soctlon fourteen of this act, no restraining order or .interlocutory order of injunction shall issue, except upon the giving of security by tho applicant in such sum as tho court or judge may deem proper, conditioned upon the payment of such costs and damages as may bo incurred or suffered by any party who may be found to havo been, wrongfully- enjoined or restrained thereby. Sec 17. That evdry order of Injunction dr restraining order" shall sot forth the reas6ris for the issuance of the' same, shall be specific in terms, and shall describe in reasonable detail, and not by roferendo to the bill of complaint or other document, thG act or acts sought to be re strained, and shall be binding only upon tho parties to the suit, their agents, servants,' em ployees, ahd attorneys, or those in active con cert with them, and who shall, by personal'serv icc or otherwise have received actual notice of tho same. Sec. 18. That no restraining order or Injunc tion, shall be granted by any court of the United States, or a judge or tho judges thereof, in any case between an employer and employees, or be tween, employers and employees, or between employees, or between persons employed and persons seeking employment, involving, or grow ing out of, a dispute concerning terms or condi tions of employment, unless necessary to prevent irreparable injury to property, or to a property right, of tho party making the application for which, injury there Is no adequate remedy at law, and such property or property right must be described with particularity in the applica tion, which must be in writing and sworn to by the applicant or by his agent or attorney. And no such restraining order or injunction shall prohibit any person or persons from term inating any relation of employment, or ' from ceasing to perform any work or labor, or from recommending, advising, or persuading others by peaceful means so to do; or from attending at or near a house or place where any person resides or works, or carries on business or happens to be, for the purpose of peacefully ob taining or communicating Information, or .of peacefully persuading any person to work or to abstain from working; or from ceasing to patronize or to employ any party to such dis pute, or from recommending, advising, or per suading others by peaceful means so to do-; or from paying or giving to, or withholding from, any person engaged In such dispute any strike benefits or other moneys or things of value; or from, peacefully assembling at any place in a lawful manner, and for lawful purposes; or from doing any act or thing which might lawfully ba done in the absence of such dispute by any party thereto; nor shall any of the acts specified In this paragraph be considered or held unlawful. Sec; 19'. That any person who shall wllirully disobey 'any' lawful writ, ' process; order, 'rule, decree, or command of any district court of tho .