Two. Section 8 of the Clayton act clearly states that a person will not server as a director or officer of two competing corporations in the same industry. This situation is also known as 'interlocking directorates'. The enforcement of this law does not only apply to individuals but to firms as well. However, there are two major exceptions to this law. It does not apply to Banking, banking associations and trust companies. It also does not apply in the event that each of the firms in question lack capital, surplus and undivided profits of $31,841,000 (adjusted annually) or more in that fiscal year