PART III-LICENSEES AND PUBLIC UTILI- ACCOUNTS, RECORDS, AND MEMORANDA ords, memoranda. and preserve ac etc. utilities not re ing accounts, SECTION 301. (a) Every licensee and public utility Accounts, recshall make, keep, and preserve for such periods, such accounts, records of cost-accounting procedures, corre- Licensees and public utilities spondence, memoranda, papers, books, and other records shall make, keep, as the Commission may by rules and regulations pre- counts, records, scribe as necessary or appropriate for purposes of the administration of this Act, including accounts, records, and memoranda of the generation, transmission, distribution, delivery, or sale of electric energy, the furnishing of services or facilities in connection therewith, and receipts and expenditures with respect to any of the foregoing: Provided, however, That nothing in this Act Proviso.-Public shall relieve any public utility from keeping any ac- lieved from keepcounts, memoranda, or records which such public utility memoranda, and may be required to keep by or under authority of the by State laws. laws of any State. The Commission may prescribe a commission may system of accounts to be kept by licensees and public tem of accounts. utilities and may classify such licensees and public utilities and prescribe a system of accounts for each class. The Commission, after notice and opportunity for hearing, may determine by order the accounts in which particular outlays and receipts shall be entered, charged, or credited. The burden of proof to justify every ac- to justify accounting entry questioned by the Commission shall be counting entries on the person making, authorizing, or requiring such entry. entry, and the Commission may suspend a charge or Commission may credit pending submission of satisfactory proof in sup- and credits. port thereof. records required prescribe a sys. Burden of proof on person making suspend charges access to and accounts, rec (b) The Commission shall at all times have access Commission has to and the right to inspect and examine all accounts, right to inspect records, and memoranda of licensees and public utili- ords, etc. ties, and it shall be the duty of such licensees and public utilities to furnish to the Commission, within such reasonable time as the Commission may order, any informa Licensees and utilities to fur with information tion with respect thereto which the Commission may by order require, including copies of maps, contracts, reports of engineers, and other data, records, and papers, and to grant to all agents of the Commission free access nish Commission to its property and its accounts, records, and memoin the matter of randa when requested so to do. No member, officer, or employee of the Commission shall divulge any fact or information which may come to his knowledge during to be divulged. the course of examination of books or other accounts, as hereinbefore provided, except insofar as he may be directed by the Commission or by a court. contracts, engi neering reports, etc. Information not Companies con trolling licensees ties subject to Commission examination. (c) The books, accounts, memoranda, and records of and public utili- any person who controls, directly or indirectly, a licensee or public utility subject to the jurisdiction of the Commission, and of any other company controlled by such person, insofar as they relate to transactions with or the business of such licensee or public utility, shall be subject to examination on the order of the Commission. Depreciation account. Commission may ties to carry a count. Commission may determine and fix rate of depreciation. RATES OF DEPRECIATION SEC. 302. (a) The Commission may, after hearing, require licensees and public utilities to carry a proper require licensees and adequate depreciation account in accordance with and public utili- such rules, regulations, and forms of account as the Comdepreciation ac- mission may prescribe. The Commission may, from time to time, ascertain and determine, and by order fix, the proper and adequate rates of depreciation of the several classes of property of each licensee and public utility. Each licensee and public utility shall conform its depreciation accounts to the rates so ascertained, determined, and fixed. The licensees and public utilities subject to the jurisdiction of the Commission shall not charge to operating expenses any depreciation charges on classes of property other than those prescribed by the Commission, or charge with respect to any class of property a percentage of depreciation other than that prescribed therefor by the Commission. No such licensee or public utility shall in any case include in any form under its operating or other expenses any depreciation or other charge or expenditure included elsewhere as a depreciation charge or otherwise under its operating or other expenses. Nothing in this section shall limit the power not limited by of a State commission to determine in the exercise of its jurisdiction, with respect to any public utility, the per Depreciation charges shall not be charged to operating expense unless authorized. Jurisdiction of State commission this section. centage rate of depreciation to be allowed, as to any class of property of such public utility, or the composite depreciation rate, for the purpose of determining rates or charges. prescribe rules as to accounts, (b) The Commission, before prescribing any rules or Commission may requirements as to accounts, records, or memoranda, or and requirements as to depreciation rates, shall notify each State commis- records, etc. sion having jurisdiction with respect to any public utility Opportunity to involved, and shall give reasonable opportunity to each to present views such commission to present its views, and shall receive mendations. and consider such views and recommendations. REQUIREMENTS APPLICABLE TO AGENCIES OF THE UNITED STATES State commission and recom United States sions relative to ords, etc. SEC. 303. All agencies of the United States engaged Agencies of in the generation and sale of electric energy for ultimate subject to provi distribution to the public shall be subject, as to all accounts, recfacilities used for such generation and sale, and as to the electric energy sold by such agency, to the provisions of sections 301 and 302 hereof, so far as may be practicable, and shall comply with the provisions of such sections and with the rules and regulations of the Commission thereunder to the same extent as may be required in the case of a public utility. PERIODIC AND SPECIAL REPORTS Form and con may be pre SEC. 304. (a) Every licensee and every public utility Licensees and public utilities shall file with the Commission such annual and other shall file reports. periodic or special reports as the Commission may by rules and regulations or order prescribe as necessary or appropriate to assist the Commission in the proper administration of this Act. The Commission may prescribe the manner and form in which such reports shall be tents of reports made, and require from such persons specific answers to scribed. all questions upon which the Commission may need information. The Commission may require that such reports shall include, among other things, full information as to assets and liabilities, capitalization, net investment, and reduction thereof, gross receipts, interest due and paid, depreciation, and other reserves, cost of project and other facilities, cost of maintenance and operation of the project and other facilities, cost of renewals and replacement of the project works and other facilities, depre nation of costs, ciation, generation, transmission, distribution, delivery, use, and sale of electric energy. The Commission may Current determi- require any such person to make adequate provision for currently determining such costs and other facts. Such reports shall be made under oath unless the Commission otherwise specifies. etc. Reports under oath. Willful hin drance, delay, or making, filing, and keeping of (b) It shall be unlawful for any person willfully to obstruction in hinder, delay, or obstruct the making, filing, or keeping of any information, document, report, memorandum, etc., unlawful. record, or account required to be made, filed, or kept under this Act or any rule, regulation, or order thereunder. records, accounts, Unlawful for officers or directors to benefit from sale and issuance of securities. OFFICIALS DEALING IN SECURITIES; INTERLOCKING DIRECTORATES SEC. 305. (a) It shall be unlawful for any officer or director of any public utility to receive for his own benefit, directly or indirectly, any money or thing of value in respect of the negotiation, hypothecation, or sale by such public utility of any security issued or to be issued by such public utility, or to share in any of the proceeds thereof, or to participate in the making or paying of any not be paid from dividends of such public utility from any funds properly capital accounts. included in capital account. Dividends shall funds included in tion of officer or than one public utility. utility securities or engage in supplying electri Holding of posi- (b) After six months from the date on which this Part director in more takes effect, it shall be unlawful for any person to hold the position of officer or director of more than one public Officer or direc- utility or to hold the position of officer or director of a tor of utility and public utility and the position of officer or director of any ized to market bank, trust company, banking association, or firm that is authorized by law to underwrite or participate in the cal equipment. marketing of securities of a public utility, or officer or director of any company supplying electrical equipment to such public utility, unless the holding of such positions 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. The Commission shall by Commission. not grant any such authorization in respect of such positions held on the date on which this Part takes effect, unless application for such authorization is filed with the Commission within sixty days after that date. Authorization may be granted COMPLAINTS cerning licensees ties. SEC. 306. Any person, State, municipality, or State Complaints concommission complaining of anything done or omitted and public utilito be done by any licensee or public utility in contravention of the provisions of this Act may apply to the Commission by petition which shall briefly state the facts, whereupon a statement of the complaint thus made shall be forwarded by the Commission to such licensee or public utility, who shall be called upon to satisfy the complaint or to answer the same in writing within a reason- Answer to comable time to be specified by the Commission. If such licensee or public utility shall not satisfy the complaint within the time specified or there shall appear to be plaint. any reasonable ground for investigating such complaint, Investigation of it shall be the duty of the Commission to investigate the complaint. matters complained of in such manner and by such means as it shall find proper. INVESTIGATIONS BY COMMISSION; ATTENDANCE OF WITNESSES; DEPOSITIONS Commission. investigate any or practices necessary. file statement ters subject to SEC. 307. (a) The Commission may investigate any Investigation by facts, conditions, practices, or matters which it may find. necessary or proper in order to determine whether any Commission may person has violated or is about to violate any provision facts, conditions, of this Act or any rule, regulation, or order thereunder, which it finds or to aid in the enforcement of the provisions of this Act or in prescribing rules or regulations thereunder, or in obtaining information to serve as a basis for recommending further legislation concerning the matters to which this Act relates. The Commission may permit Any person may any person to file with it a statement in writing under concerning matoath or otherwise, as it shall determine, as to any or investigation. all facts and circumstances concerning a matter which may be the subject of investigation. The Commission, publish informa Commission in its discretion, may publish or make available to State tion concerning commissions information concerning any such subject. (b) For the purpose of any investigation or any other Member of Comproceeding under this Act, any member of the Commis- minister oaths sion, or any officer designated by it, is empowered to subpena witadminister oaths and affirmations, subpena witnesses, their attendance. compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, contracts, agreements, or other records which its investigations. mission may ad and affirmations, nesses, compel etc. |