Corporate Management Interlocks Act

Summary

Corporate Management Interlocks Act - Prohibits corporate management interlocking relationships unless specific approval has been granted by the Attorney General. States that this Act shall apply (1) if any one of the persons involved in an interlocking relationship shall have capital, surplus, and undivided profits aggregating more than $1,000,000, and (2) if any one of the persons involved in an interlocking relationship is engaged in commerce. States that this Act shall not prohibit any interlocking relationship when one of the persons involved directly or indirectly lawfully owns more than 50 percent of the voting stock of the other company, or where 50 percent or more of the voting stock of each of the persons involved in an interlocking relationship is directly or indirectly lawfully owned by the same person. Sets a fine of not more than $50,000 and/or imprisonment not exceeding one year upon conviction of a willful violation of this Act.

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1 official file

• Introduced in House

  summary · EN · 23 May 1977

  Open at official source

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