republic-os/legal/us/code/title-47/chapter-5/section-212.md

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LegalText	47 U.S.C. § 212	Interlocking directorates; officials dealing in securities	us	united_states_code	code_section	47	TELECOMMUNICATIONS	5	WIRE OR RADIO COMMUNICATION	212	47 U.S.C. § 212	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc47@119-100.zip	/us/usc/t47/s212	data/legal/raw/us/code/title-47/usc47.xml	a326bedf5d9c01d777244cc0b33edc911146dbd5114bdc83eeb74a24cf0ab0f7	7cfb2d22df305544d8fac4913876d34c6b712d99019bd01ec134ed44ef145534	e0d9698fc8cf4c060eb202935702143da2c4f0c848daeaf1371bcf67c9730bd6	2026-07-04	official	legal us-code

47 U.S.C. § 212 - Interlocking directorates; officials dealing in securities

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.

(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.)

Notes

Editorial Notes

References in TextThis 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.

Amendments1994—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.