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Cowgill, Harold G., Chief, Common Carrier Bureau, Federal Communications Commission, Washington, D. C.
Ross, Bradford, attorney at law, representing United States Independent Telephone Association, 725 15th Street NW., Washington, D. C..
McConnaughey, George C., Chairman, Federal Communications
Report from the Department of Justice, dated May 24, 1955
AMENDMENTS TO COMMON CARRIER SECTIONS OF
TUESDAY, JUNE 21, 1955
UNITED STATES SENATE,
COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE,
Washington, D. C.
The subcommittee met, pursuant to notice, at 1:15 p. m., G-16, United States Capitol, Senator John O. Pastore (chairman of the subcommittee) presiding.
Present: Senator Pastore.
Professional staff member assigned to this hearing: Nicholas Zapple, communications counsel.
Senator PASTORE. The committee will be in order.
We will now take up S. 1456.
S. 1456 generally amends those sections of the Communications Act of 1934 dealing with common carriers. Specifically, it amends section 212 which affects interlocking directorates; section 210 which deals with annual reports; section 221 which deals with hearings when telephone properties are consolidated or acquired by telephone companies; and section 410 which refers to the authority of joint boards. (The bill is as follows:)
[S. 1456, 84th Cong., 1st sess.]
A BILL To amend sections 212, 219 (a), 221 (a), and 410 (a) of the Communications Act of 1934, as amended
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 212 of the Communications Act of 1934, as amended, is amended to read as follows:
"SEC. 212. After sixty days from the enactment of this Act it shall be unlawful for any person to hold the position of officer or director of more than one carrier subject to this Act, 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 Act 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."
SEC. 2. Section 219 of the Communications Act of 1934, as amended, is amended by inserting at the beginning of the second sentence of subsection (a) the words "Except as otherwise required by the Commission," so that the section will read: "SEC. 219. (a) The Commission is authorized to require annual reports under oath from all carriers subject to this Act, and from persons directly or indirectly