15 U.S.C. § 24 — Liability of directors and agents of corporation
submitted 112 years ago by ch. 323 to r/title-15-COMMERCE-AND-TRADE · 99 words · no verdicts yet
A corporation's antitrust violation is also treated as a violation by any director, officer, or agent who authorized, ordered, or committed the act. A convicted individual faces up to a $5,000 fine, one year in prison, or both.
This law makes individual people, not just the corporation, liable for antitrust crimes. Whenever a corporation violates any penal provision of the antitrust laws, that violation is deemed to also be committed by the individual directors, officers, or agents of the corporation who authorized, ordered, or did any of the acts making up the violation, in whole or in part. Such a violation is deemed a misdemeanor. Upon conviction, a director, officer, or agent found liable this way is punished by a fine not exceeding $5,000, or by imprisonment not exceeding one year, or by both, at the court's discretion.
Whenever a corporation shall violate any of the penal provisions of the antitrust laws, such violation shall be deemed to be also that of the individual directors, officers, or agents of such corporation who shall have authorized, ordered, or done any of the acts constituting in whole or in part such violation, and such violation shall be deemed a misdemeanor, and upon conviction therefor of any such director, officer, or agent he shall be punished by a fine of not exceeding $5,000 or by imprisonment for not exceeding one year, or by both, in the discretion of the court.
Source credit: (Oct. 15, 1914, ch. 323, § 14, 38 Stat. 736.)
- 1914Enacted · Act of Oct. 15, 1914, ch. 323 · 38 Stat. 736
A history note hasn’t been published yet. The record shows enactment by ch. 323 on 1914-10-15.
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