A bill to amend the Clayton Act regarding interlocking directorates and officers.

Summary

Amends the Clayton Act to prohibit any person from serving as a director or officer (currently, director only) of any two corporations if each (currently, any) of such corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently, $1,000,000). Establishes exceptions to such interlocking directorate and officer prohibition where: (1) the aggregate competitive sales of either corporation are less than $1,000,000; (2) the aggregate competitive sales of either corporation are less than one percent of that corporation's total sales; or (3) the aggregate competitive sales of each corporation are less than four percent of that corporation's total sales. Increases or decreases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase or decrease in the gross national product for the preceding fiscal year. Provides that a director or officer shall not be deemed ineligible under the provisions of this Act until the expiration of one year from the date the ineligibility occurred, or, if practical, the next election of directors, whichever occurs first.

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Versions

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Documents

3 official files

• Passed Senate amended

  summary · EN · 31 July 1987

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 25 June 1987

  Open at official source

• Introduced in Senate

  summary · EN · 22 April 1987

  Open at official source

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