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No such corporation shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of two or more corporations engaged in trade or commerce where the effect of such acquisition, or the use of such stock by the voting or granting of proxies or otherwise may be to substantially lessen competition between such corporations, or any of them, whose stock or other share capital is so acquired, or to restrain trade or commerce in any section or community, or tend to create a monopoly of any line of trade or commerce.
Nothing in this section contained shall apply to corporations subject to the jurisdiction of the Public Utilities act, approved April twenty-first, one thousand nine hundred and eleven, and the acts passed supplemental thereto, nor to corporations purchasing such stock solely for investment and not using the same by voting or otherwise to bring about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in trade or commerce from causing the formation of subsidiary corporations for the actual carrying on of their immediate lawful business, or the natural and legitimate branches or extensions thereof, or from owning and holding all or a part of the stock of such subsidiary corporations, when the effect of such formation is not to substantially lessen competition.
3. Subject to the foregoing provisions of this act:
Any corporation may purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of the shares of the capital stock or, any bonds, securities or evidences of indebtedness created by any other corporation or corporations of this or any other State or any foreign country, and while owner of such stock may exercise all the rights, powers and privileges of ownership, including the right to vote thereon.
4. Nothing contained in this act shall be held to affect or impair any right heretofore legally, acquired.
5. If any part or parts of this act shall be declared to be invalid or unconstitutional, the other parts thereof shall not thereby be affected or impaired.
6. Section forty-nine of the act entitled “An act concerning corporations (Revision of 1896),” as amended by an act entitled “A further supplement to an act entitled ‘An Act concerning corporations (Revision of 1896),' approved April twenty-first, one thousand eight hundred and ninety-six,” for the purpose of amending section forty-nine thereof, which amendment was approved February nineteenth, one thousand nine hundred and thirteen, and section fifty-one of the act entitled "An act concerning corporations (Revision of 1896),” as amended by an act entitled "An act to amend an act entitled 'An act concerning corporations (Revision of 1896),' approved April twenty-first, eighteen hundred and ninety-six, which amendment was approved February nineteenth, one thousand nine hundred and thirteen," and as further amended by chapter 114 of the Laws of 1915, and all other acts and parts of acts inconsistent herewith be and the same are hereby repealed.
7. This act shall take effect immediately. Approved March 28, 1917.
FEDERAL TRUST LEGISLATION IN THE
1. THE FEDERAL ANTI-TRUST LAW. 2. ANTI-TRUST PROVISIONS OF THE WILSON Act. 3. THE EXPEDITING ACT. 4. Act CREATING THE BUREAU OF CORPORATIONS. 5. IMMUNITY PROVISION OF 1903. 6. IMMUNITY PROVISION OF 1906. 7. THE JUDICIAL CODE. 8. THE PANAMA CANAL ACT. 9. THE FEDERAL TRADE COMMISSION Act. 10. THE CLAYTON ACT. 11. SUNDRY CIVIL ACT--1916. 12. THE WEBB BILL.
1. THE FEDERAL ANTI-TRUST LAW
(Act of July 2, 1890 (26 Stat., 209).) AN ACT To protect trade and commerce against unlawful restraints
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Sec. 1. Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is hereby declared to be illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.
Sec. 2. Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.
Sec. 3. Every contract, combination in form of trust or otherwise, or conspiracy, in restraint of trade or commerce in any Territory of the United States or of the District of Columbia, or in restraint of trade or commerce between any such Territory and another, or between any such Territory or Territories and any State or States or the District of of Columbia, or with foreign nations, or between the District of Columbia and any State or States or foreign nations, is hereby declared illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.
Sec. 4. The several circuit courts of the United States are hereby invested with jurisdiction to prevent and restrain violations of this act; and it shall be the duty of the several district attorneys of the United States, in their respective districts, under the direction of the Attorney-General, to institute proceedings in equity to prevent and restrain such violations. Such proceedings may be by way of petition setting forth the case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of such petition the court shall proceed, as soon as may be, to the hearing and determination 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.
Sec. 5. Whenever it shall appear to the court before which any proceeding under Section four of this act may be pending, that the ends of justice require that other parties should be brought before the court, the 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. 6. Any property owned under any contract or by any combination, or pursuant to any conspiracy (and being the subject thereof) mentioned in Section one of this act, and being in the course of transportation from one State to another, or to a foreign country, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law.
Sec. 7. Any person who shall be injured in his business or property by any other person or corporation by reason of anything forbidden or declared to be unlawful by this act, may sue therefor in any circuit court of the United States in the district in which the defendant resides or is found, without respect to the amount in controversy, and shall recover threefold the damages by him sustained, and the costs of suit, including a reasonable attorney's fee.
SEC. 8. That the word “person,” or “persons," wherever used in this act shall be deemed to include corporations and