Secs. 106, 177, 179 Subsidiary. 52 Stat. 891. Submission to regulatory commission. 52 Stat. 892. Plan, acceptance. (13) "subsidiary" shall mean a corporation substantially all of whose properties are operated under lease or operating agreement, or the majority of whose stock having power to vote for the election of directors, trustees, or other similar controlling bodies is owned, directly or indirectly, through an intervening corporation or other medium, by another parent corporation, a petition by or against which has been approved. SEC. 177. [11 U. S. C., § 577.] In case a debtor is a public-utility corporation, subject to the jurisdiction of a commission having regulatory jurisdiction over the debtor, a plan shall not be approved, as provided in section 174 of this Act, until (1) it shall have been submitted to each such commission; (2) an opportunity shall have been afforded each such commission to suggest amendments or offer objections to the plan; and (3) the judge shall have considered such amendments or objections at a hearing at which such commission may be heard. SEC. 179. [11 U. S. C., § 579.] After a plan has been accepted in writing, filed in court, by or on behalf of creditors holding two-thirds in amount of the claims filed and allowed of each class, and, if the debtor has not been found to be insolvent, by or on behalf of stockholders holding the majority of stock, of which proofs have been filed and allowed, of each class, exclusive of creditors or stockholders or of any class of them who are not affected by the plan or whose claims or stock are disqualified pursuant to section 203 of this Act, or for whom payment or protection has been provided as prescribed in paragraphs (7) and (8) of section 216 of this Act, the judge shall fix a hearing, upon notice to the debtor, creditors, stockholders, indenture trustees, the Secretary of the Treasury, the Securities and Exchange Commission, and such other persons as the judge may designate, for the consideration of the confirmation of the plan and of such objections as may be made to the confirmation. * Sec. 1 SEC. 224. [11 U. S. C., § 624.] Upon confirmation of 52 Stat. 898. a plan plan binding. (1) the plan and its provisions shall be binding upon the debtor, upon every other corporation issuing secu- Confirmed rities or acquiring property under the plan, and upon all creditors and stockholders, whether or not such creditors and stockholders are affected by the plan or have accepted it or have filed proofs of their claims or interests and whether or not their claims or interests have been scheduled or allowed or are allowable; (2) the debtor and every other corporation organized or to be organized for the purpose of carrying out the plan shall comply with the provisions of the plan and with all orders of the court relative thereto and shall Compliance. take all action necessary to carry out the plan, including, in the case of a public-utility corporation, the procuring of authorization, approval, or consent of each commission having regulatory jurisdiction over the debtor or such other corporation; Deposit, (3) if the judge shall so direct, there shall be deposited and distributed, in such manner as the judge may direct, moneys. the moneys for all payments which by the provisions of the plan or under this chapter are required to be made in cash; and (4) distribution shall be made, in accordance with the provisions of the plan, to creditors and stockholders (a) proofs of whose claims or stock have been filed prior to the date fixed by the judge and are allowed, or (b) if not so filed, whose claims or stock have been listed by the trustee or scheduled by the debtor in possession as fixed claims or stock, liquidated in amount and not disputed. * Distribution. CLAYTON ANTITRUST ACT Title 15.-Chapter 1, U. S. Code [The first paragraph in sec. 1, following, defining "antitrust laws" by citing included Acts, includes the Sherman Antitrust Act, secs. 1-7, with the Clayton Antitrust Act. Sec. 5a, part I, Interstate Commerce Act, relieves carriers from operation of the antitrust laws as to the agreements therein specified.] SEC. 1. [October 15, 1914.] [15 U. S. C., § 12.] That Laws included. "antitrust laws," as used herein, includes the Act en Secs. 1-7 38 Stat. 730. "Commerce" defined. sions included. titled "An Act to protect trade and commerce against unlawful restraints and monopolies," approved July second, eighteen hundred and ninety; sections seventythree to seventy-seven, inclusive, of an act entitled "An Act to reduce taxation, to provide revenue for the Government, and for other purposes," of August twentyseventh, eighteen hundred and ninety-four; an act entitled "An Act to amend sections seventy-three and seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled 'An Act to reduce taxation, to provide revenue for the Government, and for other purposes,' " approved February twelfth, nineteen hundred and thirteen; and also this Act. "Commerce," as used herein, means trade or commerce among the several States and with foreign nations, or between the District of Columbia or any Territory of the United States and any State, Territory, or Insular posses- foreign nation, or between any insular possessions or other places under the jurisdiction of the United States. or between any such possession or place and any State or Territory of the United States or the District of Columbia or any foreign nation, or within the District of Columbia or any Territory or any insular possession or other place under the jurisdiction of the United States: Not applicable Provided, That nothing in this act contained shall apply to the Philippine Islands. to the Philippines. "Person" or "persons" defined. 38 Stat. 731. 64 Stat. 1125. The word "person" or "persons" wherever used in this Act shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the Territories, the laws of any State, or the laws of any foreign country. NOTE.-Sec. 2, § 13 U. S. C., makes unlawful certain “discrimination in price between purchasers" of commodities; § 3, § 14 U. S. C., forbids sale on agreement not to use goods of competitor, § 6, § 17 U. S. C., provides that labor of a human being is not a commodity or article of commerce, and provides that the antitrust laws are not to be construed to forbid existence and operation of certain labor, agricultural, or horticultural associations. [Omitted herein.] SEC. 7 October 15, 1914, amended December 29, 1950.] [15 U.S. C., § 18.] That no corporation engaged in commerce shall acquire, directly or indirectly, the whole or any part of the stock or other share capital and no corpo Sec. 7 ration subject to the jurisdiction of the Federal Trade No corporation shall acquire, directly or indirectly, the whole or any part of the stock or other share capital and no corporation subject to the jurisdiction of the Federal Trade Commission shall acquire the whole or any part of the assets of one or more corporations engaged in commerce, where in any line of commerce in any section of the country, the effect of such acquisition, of such stocks or assets, or of the use of such stock by the voting or granting of proxies or otherwise, may be substantially to lessen competition, or to tend to create a monopoly. competition. solely for This section shall not apply to corporations purchasing such stock solely for investment and not using the Purchases same by voting or otherwise to bring about, or in attempt- investment. ing to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in 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. Common car riers constructbranches, ing bran Nor shall anything herein contained be construed to prohibit any common carrier subject to the laws to regulate commerce from aiding in the construction of branches or short lines so located as to become feeders to the main line of the company so aiding in such construction or from acquiring or owning all or any part of the stock of such branch lines, nor to prevent any such common carrier from acquiring and owning all or any part of the stock of a branch or short line constructed by an independent company where there is no substantial com- Acquisition of petition between the company owning the branch line so constructed and the company owning the main line acquiring the property or an interest therein, nor to pre stock of branch or short line. Secs. 7-10 Extension through stock acquisition. Previous acquisitions. Penal provisions. Transactions consummated pursuant to Commission authority. Carrier prohibited from purchasing from another corporation having same officers. vent such common carrier from extending any of its lines through the medium of the acquisition of stock or otherwise of any other common carrier where there is no substantial competition between the company extending its lines and the company whose stock, property, or an interest therein is so acquired. Nothing contained in this section shall be held to affect or impair any right heretofore legally acquired: Provided, That nothing in this section shall be held or construed to authorize or make lawful anything heretofore prohibited or made illegal by the antitrust laws, nor to exempt any person from the penal provisions thereof or the civil remedies therein provided. Nothing contained in this section shall apply to transactions duly consummated pursuant to authority given by the Civil Aeronautics Board, Federal Communications Commission, Federal Power Commission, Interstate Commerce Commission, the Securities and Exchange Commission in the exercise of its jurisdiction under section 10 of the Public Utility Holding Company Act of 1935, the United States Maritime Commission, or the Secretary of Agriculture under any statutory provision vesting such power in such Commission, Secretary, or Board. NOTE.-Embezzlement and theft, by officers, employees, or carriers, formerly 8 9 of the Clayton Act, Oct. 15, 1914, 38 Stat. 733, [made by U. S. Code compilers § 412 of Title 18] has, by codification and revision of the Criminal Code, been made § 660 of Title 18, infra. Section 63 of this title (act of Apr. 10, 1918, sec. 3, 40 Stat. 517) provides that "Nothing contained in section 18 of this title shall be construed to forbid the acquisition or ownership by any corporation of the whole or any part of the stock or other capital of any corporation organized solely for the purpose of engaging in export trade, and actually engaged solely in such export trade, unless the effect of such acquisition or ownership may be to restrain trade or substantially lessen competition within the United States." SEC. 10. [October 15, 1914.] [15 U. S. C., § 20.] That after two years from the approval of this Act no common carrier engaged in commerce shall have any dealings in securities, supplies or other articles of commerce, or shall make or have any contracts for construction or maintenance of any kind, to the amount of more than $50,000, in the aggregate, in any one year, with |