§11322. Restrictions on officers and directors
(a) A person may hold the position of officer or director of more than one carrier as defined in section 11301(a)(1) of this title only when authorized by the Interstate Commerce Commission. The Commission may authorize a person to hold the position of officer or director of more than one of those carriers when public or private interests will not be adversely affected.
(b) An officer or director of a carrier referred to in subsection (a) of this section may not-
(1) receive, for the benefit of that officer or director, a thing of value in relation to the negotiation, hypothecation, or sale of a security issued or to be issued by that carrier;
(2) share in the proceeds from the negotiation, hypothecation, or sale of a security issued or to be issued by that carrier; or
(3) participate in making or paying dividends of an operating carrier from funds included in a capital account.
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| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 11322 | 49:20a(12) (less last sentence). | Feb. 4, 1887, ch. 104, |
In subsection (a), the words "may . . . only when" are substituted for "It shall be unlawful for . . . unless" for clarity. The words "as defined in section 11301(a)(1)" are added for clarity. The word "authorized" is substituted for "such holding shall have been authorized" for clarity. The words "by order" are omitted as unnecessary in view of subchapter II of chapter 5 of title 5. The word "when" is substituted for "upon due showing" for clarity. The words "in form and manner prescribed by the Commission" are omitted as unnecessary in view of the power of the Commission to carry out the revised subtitle and to prescribe regulations under section 10321 of the revised title.
In subsection (b), the words "thing of value" are substituted for "any money or thing of value" as being more inclusive. The words "proceeds from the negotiation, hypothecation, or sale of a security issued or to be issued by that carrier" are substituted for "proceeds thereof" for clarity and consistency. The word "properly" is omitted as surplus.
Section Referred to in Other Sections
This section is referred to in sections 11348, 11911 of this title.