Page:United States Statutes at Large Volume 49 Part 1.djvu/878

 74TH CONGRE SS. SESS. I. Cpl. 687. AUGUST 26, 1935 . 833 Rules RULE S, REGUL ATIONS, AND ORD ERS and orders, regulations, SEc. 20. (a) The Commission shall have authority from tine to Author ity of com- mission to make and time to make, issue, amend, and rescind such rules and regulations and issue. such orders as it inay deem necessary or appropriate to carry out the provisions of thi s title, including rules and r egulations defining accounting, technical, and trade terms used in this title. Among other SeFb a s to be p re- things, the Commission shall have authority, for the purposes of this title, to prescribe the form or forms in which information required in any statement, declaration, application, report, or other document filed with the Commission shall be set forth, the items or details to be shown in balance sheets, profit and loss statements, and surplus accounts, the manner in which the cost of all assets, whenever deter- minable, shall be shown in regard to such statements, declarations, applications, reports, and other documents filed with the Commission, or accounts required to be kept by the rules, regulations, or orders of the Commission, and the methods to be followed in the keeping of accounts and cost-accounting procedures and the preparation of reports, in the segregation and allocation of costs, in the determina- tion of liabil ities, in the determinat ion of depreciation and depletion, in the differentiation of recurring and nonrecurring income, i n the differentiation of investment and operating income, and in the keep- ing or preparation, where the Commission deems it necessary or appropriate, of separate or consolidated balance sheets or profit and loss state ments for an y comp anies in the same holdin g-comp any system. (b) In the c ase of the accoun ts of any co mpany whose metho ds of ings yfl ic in a cco unt accounting are prescribed under the provisions of any law of the United States or of any State, the rules and regulations or orders of the Commission in respect of accounts shall not be inconsistent with the requirements imposed by such law or any rule or regulation there- under ; nor shall anything in this title relieve any public-utility com- pany from the duty to keep the accounts, books, records, or memo- randa which may be required to be kept by the law of any State in which it operates or by the State commission of any such State. But th is pro vision shall not preven t the Commi ssion from i mposin g suc h additional requirements regarding reports or accounts as it may deem necessary or appropriate in the public interest or for the protection of investors or consumers. (c) The rules and regulations of the Commission shall be effective Ef fect ive dat e or t~ rules, regulat ions, a nd upon publication in the manner which the Commission shall pre- order s. scribe. For the purpose of its rules, regulations, or orders the Commission may classify persons and matters within its jurisdiction and prescribe different requirements for different classes of persons or matters. Orders of the Commission under this title shall be Hearin g. issued only after opportunity for hearing. (d) The Commission, by such rules and regulations or order as it deems necessary or appropriate in the public interest or for the protection of investors or consumers, may authorize the filing of any information or documents required to be filed with the Commission under this title, or under the Securities Act of 1933, as amended, or Vol. 48, pp. 74, 881. under the Securities Exchange Act of 1934, by incorporating by reference any inf ormation or documents theretof ore or concurrently filed with the Commission under this title or either of such Acts. No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regu- lation, or order of the Commission, notwithstanding that such rule, regulation, or order may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason. 104019'-3, ;---53