Page:United States Statutes at Large Volume 78.djvu/674

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PUBLIC LAW 88-503-AUG. 30, 1964

[78 STAT.

(i) After service of process under this section, the court, or the Commission in a proceeding before it, shall order such continuance as may be necessary to afford the defendant or respondent reasonable opportunity to defend. ADMINISTRATION OF ACT

63 Stat, 954. 5 USC 1071 note/Ante, p. 400. Trust fund.

Quorum.

Statements and reports, content.

SEC. 16. (a) This Act shall be administered by the Public Service Commission of the District of Columbia. The Commission is hereby autlw>rized to establish such offices and with such names or titles, and to appoint and employ such officers and employees and prescribe their duties, as may be necessary to carry out the provisions of this Act, and such positions shall be subject to the Classification Act of 1949. (b) All collections, including fees, received pursuant tjo this Act shall be deposited in the Treasury of the United States in a trust fund from which may be paid, in the same manner as provided by law for other expenditures of the District, the expenses, as authorized by the Commission, of hearings held pursuant to this Act, including stenographic and reporting services (by contract lOr otherwise) and lental or purchase oi equipment. Whenever the amount of such trust fund exceeds $5,000, the excess shall be transferred to the funds deposited in the Treasury to the credit of the District of Columbia. (c) Appropriations to carry out the purposes of this Act are hereby authorized. (d) A majority of the members of the Commission shall constitute a quorum to do business, and any vacancy shall not impair the power of the remaining members to exercise all the j)0wers of the Commission. I n the case of any application, investigation, inquiry, hearing, or proceeding under this Act, the Commission may designate one of its members or a hearing examiner to examine documents, hear testimony, and submit to the Commission the record of testimony and such documents with his proposed findings and conclusions of fact and law. (e) The Commission is hereby authorized to make, amend, and rescind such rules, orders, and forms as may be necessary to carry out the provisions of this Act, including, but not limited to, rules, orders, and forms governing applications and amendments thereto, investigations, inquiries, hearings, and proceedings, and including by rule definitions of any terms, whether or not used in this Act, insofar as the definitions are not inconsistent with the provisions of this Act. For the purpose of rules and forms, the Commission inay classify persons and matters within it^ jurisdiction and may prescribe different requirements for different classes. (f) No rule, form, or order may be made, amended, or rescinded, unless the Commission finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of this Act. I n prescribing rules and forms the Commission may cooperate with the securities administrator of any State and the Securities and Exchange Commission with a view to effectuating the policy of this Act to achieve maximum unifonnity in the form and content of license applications, records, and reports, and other documents wherever practicable. (g) The Commission may by rule or order prescribe (1) the form and content of statements, records, reports, and other documents required under this Act or rules or orders thereunder, (2) the circumstances under which such statements, records, reports, or other documents shall be filed with the Commission, and (3) whether any required statements, records, reports, or other documents shall be certified by independent or certified public accountants.

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