---
kind: "section"
citation: "47 U.S.C. § 212"
title: "47"
title_heading: "Telecommunications"
number: "212"
heading: "Interlocking directorates; officials dealing in securities"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/47/212"
units:
  - "Chapter 5 — Wire or Radio Communication"
  - "Subchapter II — Common Carriers"
  - "Part I — Common Carrier Regulation"
---

# §212. Interlocking directorates; officials dealing in securities


It shall be unlawful for any [person](/usc/47/153.md?p=39) to hold the position of officer or director of more than one [carrier](/usc/47/153.md?p=11) subject to this chapter, 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](/usc/47/153.md?p=39) to hold the position of officer or director in more than one such [carrier](/usc/47/153.md?p=11), without regard to the requirements of this section, where it has found that one of the two or more [carriers](/usc/47/153.md?p=11) directly or indirectly [owns](/usc/47/153.md?p=2) 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](/usc/47/153.md?p=11) is directly or indirectly owned by the same [person](/usc/47/153.md?p=39). After this section takes effect it shall be unlawful for any officer or director of any [carrier](/usc/47/153.md?p=11) subject to this chapter to receive for his [own](/usc/47/153.md?p=2) 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](/usc/47/153.md?p=11), or to share in any of the proceeds thereof, or to participate in the making or paying of any dividends of such [carriers](/usc/47/153.md?p=11) from any funds properly included in capital account.


## Source credit

(June 19, 1934, ch. 652, title II, § 212, 48 Stat. 1074; Aug. 2, 1956, ch. 874, § 1, 70 Stat. 931; Pub. L. 103–414, title III, § 304(a)(2), Oct. 25, 1994, 108 Stat. 4296.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning act June 19, 1934, ch. 652, 48 Stat. 1064, known as the Communications Act of 1934, which is classified principally to this chapter. For complete classification of this Act to the Code, see section 609 of this title and Tables.

### Amendments

1994—Pub. L. 103–414 substituted “It shall” for “After sixty days from June 19, 1934, it shall”.

1956—Act Aug. 2, 1956, inserted proviso that Commission may authorize persons to hold position of officer or director in more than one carrier, where carrier owns more than 50 percent of the stock of the other carriers, or that 50 percent or more of the stock of all such carriers is owned by the same person, struck out “such” before “carrier” in sentence after proviso, inserted “subject to this chapter” after that word, and substituted “carriers” for “carrier” toward end of said sentence.