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U.S. Code as of:
01/19/04
Section 79o. Accounts and records
(a) Duty of holding companies to keep
Every registered holding company and every subsidiary company
thereof shall make, keep, and preserve for such periods, such
accounts, cost-accounting procedures, correspondence, memoranda,
papers, books, and other records as the Commission deems necessary
or appropriate in the public interest or for the protection of
investors or consumers or for the enforcement of the provisions of
this chapter or the rules, regulations, or orders thereunder.
(b) Duty of affiliates to keep
Every affiliate of a registered holding company or of any
subsidiary company thereof, or of any public-utility company
engaged in interstate commerce or not so engaged, shall make, keep,
and preserve for such periods, such accounts, cost-accounting
procedures, correspondence, memoranda, papers, books, and other
records relating to any transaction of such affiliate which is
subject to any provision of this chapter or any rule, regulation,
or order thereunder, as the Commission deems necessary or
appropriate in the public interest or for the protection of
investors or consumers or for the enforcement of the provisions of
this chapter or the rules, regulations, or orders thereunder.
(c) Duty of mutual service companies to keep
Every mutual service company, and every affiliate of a mutual
service company as to any transaction of such affiliate which is
subject to any provision of this chapter or any rule, regulation,
or order thereunder, shall make, keep, and preserve for such
periods, such accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, and other records, as the Commission
deems necessary or appropriate in the public interest or for the
protection of investors or consumers or for the enforcement of the
provisions of this chapter or the rules, regulations, or orders
thereunder.
(d) Duty of persons engaged in service, sales, or construction to
keep
Every person whose principal business is the performance of
service, sales, or construction contracts for public-utility or
holding companies shall make, keep, and preserve for such periods,
such accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, and other records, relating to any
transaction by such person which is subject to any provision of
this chapter or any rule, regulation, or order thereunder, as the
Commission deems necessary or appropriate in the public interest or
for the protection of investors or consumers or for the enforcement
of the provisions of this chapter or the rules and regulations
thereunder.
(e) Use of forms other than prescribed by Commission unlawful
After the Commission has prescribed the form and manner of making
and keeping accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, and other records to be kept by any
person hereunder, it shall be unlawful for any such person to keep
any accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, or other records other than those
prescribed or such as may be approved by the Commission, or to keep
his or its accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, or other records in any manner other than
that prescribed or approved by the Commission.
(f) Examinations by Commission
All accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, and other records kept or required to be
kept by persons subject to any provision of this section shall be
subject at any time and from time to time to such reasonable
periodic, special, and other examinations by the Commission, or any
member or representative thereof, as the Commission may prescribe.
The Commission, after notice and opportunity for hearing, may
prescribe the account or accounts in which particular outlays,
receipts, and other transactions shall be entered, charged, or
credited and the manner in which such entry, charge, or credit
shall be made, and may require an entry to be modified or
supplemented so as properly to show the cost of any asset or any
other cost.
(g) Submission by holding company or subsidiary to examination by
holders of securities
It shall be the duty of every registered holding company and of
every subsidiary company thereof and of every affiliate of a
company insofar as such affiliate is subject to any provision of
this chapter or any rule, regulation, or order thereunder, to
submit the accounts, cost-accounting procedures, correspondence,
memoranda, papers, books, and other records of such holding
company, subsidiary company, or affiliate, as the case may be, to
such examinations, in person or by duly appointed attorney, by the
holder of any security of such holding company, subsidiary company,
or affiliate, as the case may be, as the Commission deems necessary
or appropriate in the public interest or for the protection of
investors or consumers.
(h) Submission by mutual service companies and persons engaged in
rendering service to examination by other companies
It shall be the duty of every mutual service company, and of
every affiliate of a mutual service company, and of every person
whose principal business is the performance of service, sales, or
construction contracts for public-utility or holding companies,
insofar as such affiliate or such person is subject to any
provision of this chapter or any rule, regulation, or order
thereunder, to submit the accounts, cost-accounting procedures,
correspondence, memoranda, papers, books, and other records of such
mutual service company, affiliate, or person to such examinations,
in person or by duly appointed attorney, by member companies of
such mutual service company and by public-utility or holding
companies for which such person performs service, sales, or
construction contracts as the Commission deems necessary or
appropriate in the public interest or for the protection of
investors or consumers.
(i) Uniform methods for keeping accounts; power of Commission to
prescribe
The Commission, by such rules and regulations as it deems
necessary or appropriate in the public interest or for the
protection of investors or consumers may prescribe for persons
subject to the provisions of subsections (a), (b), (c), or (d) of
this section uniform methods for keeping accounts required under
any provision of this section, including, among other things, the
manner in which the cost of all assets, whenever determinable,
shall be shown, the methods of classifying and segregating
accounts, and the manner in which cost-accounting procedures shall
be maintained.
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