15 U.S.C. § 717g — Accounts; records; memoranda

Page 1194 TITLE 15—COMMERCE AND TRADE § 717g Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–474, § 3, Oct. 6, 1988, 102 Stat. 2302, provided that: ‘‘The provisions of this Act [amending this sec- tion and enacting provisions set out as a note under section 717w of this title] shall become effective one hundred and twenty days after the date of enactment [Oct. 6, 1988].’’ Executive Documents TRANSFER OF FUNCTIONS Enforcement functions of Secretary or other official in Department of Energy and Commission, Commis- sioners, or other official in Federal Energy Regulatory Commission related to compliance with certificates of public convenience and necessity issued under this sec- tion with respect to pre-construction, construction, and initial operation of transportation system for Ca- nadian and Alaskan natural gas transferred to Federal Inspector, Office of Federal Inspector for Alaska Nat- ural Gas Transportation System, until first anniver- sary of date of initial operation of Alaska Natural Gas Transportation System, see Reorg. Plan No. 1 of 1979, §§ 102(d), 203(a), 44 F.R. 33663, 33666, 93 Stat. 1373, 1376, ef- fective July 1, 1979, set out under section 719e of this title. Office of Federal Inspector for the Alaska Natural Gas Transportation System abolished and functions and authority vested in Inspector transferred to Sec- retary of Energy by section 3012(b) of Pub. L. 102–486, set out as an Abolition of Office of Federal Inspector note under section 719e of this title. Functions and au- thority vested in Secretary of Energy subsequently transferred to Federal Coordinator for Alaska Natural Gas Transportation Projects by section 720d(f) of this title. § 717g. Accounts; records; memoranda (a) Rules and regulations for keeping and pre- serving accounts, records, etc. Every natural-gas company shall make, keep, and preserve for such periods, such accounts, records of cost-accounting procedures, cor- respondence, memoranda, papers, books, and other records as the Commission may by rules and regulations prescribe as necessary or appro- priate for purposes of the administration of this chapter: Provided, however, That nothing in this chapter shall relieve any such natural-gas com- pany from keeping any accounts, memoranda, or records which such natural-gas company may be required to keep by or under authority of the laws of any State. The Commission may pre- scribe a system of accounts to be kept by such natural-gas companies, and may classify such natural-gas companies and prescribe a system of accounts for each class. The Commission, after notice and opportunity for hearing, may deter- mine by order the accounts in which particular outlays or receipts shall be entered, charged, or credited. The burden of proof to justify every ac- counting entry questioned by the Commission shall be on the person making, authorizing, or requiring such entry, and the Commission may suspend a charge or credit pending submission of satisfactory proof in support thereof. (b) Access to and inspection of accounts and records The Commission shall at all times have access to and the right to inspect and examine all ac- counts, records, and memoranda of natural-gas companies; and it shall be the duty of such nat- ural-gas companies to furnish to the Commis- sion, within such reasonable time as the Com- mission may order, any information with re- spect thereto which the Commission may by order require, including copies of maps, con- tracts, reports of engineers, and other data, rec- ords, and papers, and to grant to all agents of the Commission free access to its property and its accounts, records, and memoranda when re- quested so to do. No member, officer, or em- ployee of the Commission shall divulge any fact or information which may come to his knowl- edge during the course of examination of books, records, data, or accounts, except insofar as he may be directed by the Commission or by a court. (c) Books, accounts, etc., of the person control- ling gas company subject to examination The books, accounts, memoranda, and records of any person who controls directly or indirectly a natural-gas company subject to the jurisdic- tion of the Commission and of any other com- pany controlled by such person, insofar as they relate to transactions with or the business of such natural-gas company, shall be subject to examination on the order of the Commission. (June 21, 1938, ch. 556, § 8, 52 Stat. 825.) § 717h. Rates of depreciation (a) Depreciation and amortization The Commission may, after hearing, require natural-gas companies to carry proper and ade- quate depreciation and amortization accounts in accordance with such rules, regulations, and forms of account as the Commission may pre- scribe. The Commission may from time to time ascertain and determine, and by order fix, the proper and adequate rates of depreciation and amortization of the several classes of property of each natural-gas company used or useful in the production, transportation, or sale of nat- ural gas. Each natural-gas company shall con- form its depreciation and amortization accounts to the rates so ascertained, determined, and fixed. No natural-gas company subject to the ju- risdiction of the Commission shall charge to op- erating expenses any depreciation or amortiza- tion charges on classes of property other than those prescribed by the Commission, or charge with respect to any class of property a percent- age of depreciation or amortization other than that prescribed therefor by the Commission. No such natural-gas company shall in any case in- clude in any form under its operating or other expenses any depreciation, amortization, or other charge or expenditure included elsewhere as a depreciation or amortization charge or oth- erwise under its operating or other expenses. Nothing in this section shall limit the power of a State commission to determine in the exercise of its jurisdiction, with respect to any natural- gas company, the percentage rates of deprecia- tion or amortization to be allowed, as to any class of property of such natural-gas company, or the composite depreciation or amortization rate, for the purpose of determining rates or charges. (b) Rules The Commission, before prescribing any rules or requirements as to accounts, records, or