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1 (f); or by one or more such persons and one or more 2 controlling persons; or 3

(B) a person which is controlled (directly or indi4 rectly, by stock ownership, lease, agreement, or voting

trust, by common officers, directors, or stockholders, by

reason of circumstances surrounding organization or 7

operation, or by any method whatsoever) by one or more 8 controlling persons, by one or more persons which are 9 affiliates by virtue of this subparagraph (D), by one or 10 more such persons and one or more controlling persons, 11 or by any other person or persons having such control 12 under any indenture, trust, other agreement of 13 arrangement with, or by means of the assets of, one or 14 more such persons or controlling persons. 15 (g) The Commission, upon application, shall by order 16 declare that a company is not a subsidiary under subpara17 graph (d) if the Commission finds that the applicant is 18 not controlled (directly or indirectly, by stock ownership, 19 lease, agreement, or voting trust, by common officers, directors, 20 or stockholders, by reason of circumstances surrounding or21 ganization or operation, or by any method whatsoever) by one

more carriers, by one or more subsidiaries, by one 23 more carriers and one or more subsidiaries, or by any other 24 person or persons having such control under any indenture, 25 trust, or other agreement or arrangement with, or by means

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1 of the assets of, one more such carriers or subsidiaries. 2 The filing of an application hereunder in good faith shall 3 exempt the applicant from any obligation, duty, or liability 4 imposed in this part upon the applicant as a subsidiary until 5 the Commission has acted upon such application. The Com6 mission may require the applicant to furnish such informa7 tion as the Commission deems necessary for acting upon the 8 application. Within a reasonable time after the receipt of 9 an application hereunder, the Commission shall enter an 10 order granting, or, after notice and opportunity for hearing, 11 denying or otherwise disposing of, such application. The 12 Commission shall issue an order to show cause why any order 13 declaring a company not to be a subsidiary should not be re14 voked, whenever it has reason to believe that such company 15 has become a subsidiary, and, within a reasonable time there16 after, and after notice and opportunity for hearing, shall 17 revoke the order declaring such company not to be a sub18 sidiary if it finds that such company has become a subsidiary. 19 (h) The term "control as used in this paragraph (8) 20 shall be construed to include the power to exercise control.

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PARAGRAPH (17), SECTION 5, INTERSTATE COMMERCE ACT 22 (17) As used in paragraphs (4) to (16), inclusive, 23 the term (“person" includes an individual, partnership, asso24 ciation, joint-stock company, or corporation, and the term] 25 “carrier (means] includes a carrier by railroad subject to

(Page 7) 1 this part, and any corporation which, although not engaged 2 in transportation, owns a railroad or other facilities used in 3 transportation subject to this part, or is organized for the 4 purpose of constructing or acquiring a railroad or other 5 facilities to be used in transportation subject to this part. 6 PARAGRAPH (1), SECTION 12, INTERSTATE COMMERCE ACT 7 (1) [That the Commission hereby created shall have 8 authority to inquire into the management of the business of 9 all common carriers subject to the provisions of this part; 10 and shall keep itself informed as to the manner and method 11 in which the same is conducted, and shall have the right to 12 obtain from such common carriers full and complete informa13 tion necessary to enable the Commission to perform the 14 duties and carry out the objects for which it was created; 15 and the]? The Commission is hereby authorized and re16 quired to execute and enforce the provisions of this part; 17 and, upon the request of the Commission, it shall be the 18 duty of any district attorney of the United States to whom 19 the Commission may apply to institute in the proper court 20 and to prosecute under the direction of the Attorney General 21 of the United States all necessary proceedings for the enforce22 ment of the provisions of this part and for the punishment of 23 all violations thereof, and the costs and expenses of such

The substance of this omitted clause is included in section 20 (45) (b).

(Page 8) 1 prosecution shall be paid out of the appropriation for the 2 expenses of the courts of the United States; and for the pur3 poses of this part the Commission shall have power to 4 require, by subpena, the attendance and testimony of wit5 nesses and the production of all books, papers, tariffs, con6 tracts, agreements, and documents relating to any matter 7 under investigation.

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10 (1) That the Commission is hereby authorized to re11 quire annual reports from all common carriers subject to the 12 provisions of this part, and from the owners of all railroads 13 engaged in interstate commerce as defined in this part, to 14 prescribe the manner in which such reports shall be made, 15 and to require from such carriers and owners, and from 16 subsidiaries, specific and full, true, and correct answers to all 17 questions upon which the Commission may need information. 18 Such annual reports shall show in detail the amount of capital 19 stock issued, the amounts paid therefor, and the manner of 20 payment for the same; the dividends paid, the surplus fund, if 21 any, and the number of stockholders; the funded and floating 22 debts and the interest paid thereon; the cost and value of 23 the [carrier's] property, franchises, and equipments of 24 the carrier owner; the number of employees and 25 the salaries paid each class; the accidents to passengers,

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(Page 9) 1 employees, and other persons, and the causes thereof; the 2 amounts expended for improvements each year, how ex3 pended, and the character of such improvements; the earn4 ings and receipts from each branch of business and from 5 all sources; the operating and other expenses; the balances 6 of profit and loss; and a complete exhibit of the financial 7 operations of the carrier or owner each year, including 8 an annual balance sheet. Such reports shall also contain 9 such information in relation to rates or regulations con10 cerning fares or freights, or agreements, arrangements, or 11 contracts affecting the same as the Commission may require; 12 and the Commission may in its discretion, for the purpose 13 of enabling it the better to carry out the purposes of this part, 14 prescribe a period of time within which all common carriers 15 subject to the provisions of this part and owners of railroads 16 engaged in interstate commerce shall have, as near as may 17 be, a uniform system of accounts, and the manner in which 18 such accounts shall be kept. The Commission is hereby au19 thorized to require that every subsidiary which is not a 20 carrier or an owner or a motor carrier file with the Com21 mission an annual report, which shall consist of its balance 22 sheet as of the end of the twelve-month period determined 23 under paragraph (2), its income account for such period, 24 and its profit and loss account as of the beginning and the 25 end of such period, and such report shall classify separately

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(Page 10) 1 the acccunts shown therein representing (a) transactions be2 tween the reporting subsidiary or subsidiaries and the con3 trolling carrier, (ö) transactions between the reporting sub4 sidiary or subsidiaries and all other subsidiaries of the con5 trolling carrier, and (c) all other transactions, The 6 Commission in its discretion may permit two 7 subsidiaries of the same carrier to report jointly, or to file 8 consolidated reports, and shall have power to prescribe the 9 form in which reports of subsidiaries shall be made pursuant 10 hereto. 11 (2) Said detailed reports shall contain all the required 12 statistics for the period of twelve months ending on the 13 thirtieth day of June in each year, or on the thirty-first day 14 of December in each year if the Commission by order sub15 stitute that period for the year ending June thirtieth, and 16 shall be made out under oath and filed with the Commission 17 at its office in Washington within three months after the 18 close of the year for which the report is made, unless addi19 tional time be granted in any case by the Commission; and 20 if any carrier, subsidiary, person, or corporation subject to 21 the provisions of this part shall fail to make and file said 22 annual reports within the time above specified, or within 23 the time extended by the Commission, for making and filing 24 the same, or shall fail to make specific and full, true, and 25 correct answer to any question authorized by the provisions (Page 11) 1 of this section within thirty days from the time it is lawfully 2 required so to do, such party shall forfeit to the United States 3 the sum of one hundred dollars for each and every day it 4 shall continue to be in default with respect thereto. The 5 Commission shall also have authority by general or special 6 orders to require said carriers, or owners, or any of them, to 7 file monthly reports of earnings and expenses, and to require 8 such carriers and owners and subsidiaries to file periodical 9 or special, or both periodical and special, reports concerning 10 any matters about which the Commission is authorized or 11 required by this or any other law to inquire or to keep itself 12 informed or which it is required to enforce; and such [peri13 odical or special] reports shall be under oath whenever the 14 Commission so requires; and if any such [carrier] carrier, 15 subsidiary, or owner shall fail to make and file any such 16 [periodical or special] report within the time fixed by the 17 Commission, it shall be subject to the forfeitures last above 18 provided. 19 (3) Said forfeitures shall be recovered in the manner 20 provided for the recovery of forfeitures under the provisions 21 of this part. 22 (4) The oath required by this section may be taken 23 before any person authorized to administer an oath by the 24 laws of the State in which the same is taken.

(Page 12) 1 (5) (a) The Commission may, in its discretion, pre2 scribe the forms of any and all [accounts,] accounts and 3 records, [and memoranda] to be kept by carriers subject to 4 the provisions of this part, including the [accounts,] accounts 5 and records [and memoranda] of the movement of traf6 fic, as well as of the receipts and expenditures of moneys. 7 The Commission shall, as soon as practicable, prescribe, for 8 carriers subject to this part, the classes of property for which 9 depreciation charges [may properly] shall be included under 10 operating expenses, and the percentages of depreciation 11 which shall be charged with respect to each of such classes 12 of property, classifying the carriers as it may deem proper 13 for this purpose. The Commission may, when it deems 14 necessary, modify the classes and percentages so prescribed. 15 The carriers subject to this part shall not charge to oper16 ating expenses any depreciation charges on classes of prop17 erty other than those prescribed by the Commission, or 18 charge with respect to any class of property a percentage of 19 depreciation other than that prescribed therefor by the Com20 mission. No such carrier shall in any case include in any 21 form under its operating or other expenses any depreciation

or other charge or expenditure included elsewhere as a de23 preciation charge or otherwise under its operating or other 24 expenses. [The Commission shall at all time have access 25 to all accounts, records, and memoranda, including all docu

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(Page 13) 1 ments, papers, and correspondence now or hereafter exist2 ing, and kept or required to be kept by carriers subject to 3 this part, and the provisions of this section respecting the 4 preservation and destruction of books, papers, and documents 5 shall apply thereto, and it shall be unlawful for such carriers 6 to keep any other accounts, records, or memoranda than 7 those prescribed or approved by the Commission, and it may 8 employ special agents or examiners, who shall have authority 9 under the order of the Commission to inspect and examine 10 any and all accounts, records, and memoranda, including all 11 documents, papers, and correspondence now or hereafter 12 existing, and kept or required to be kept by such carriers. 13 This provision shall apply to receivers of carriers and operat14 ing trustees. The provisions of this section shall also apply to 15 all accounts, records, and memoranda, including all docu16 ments, papers, and correspondence now or hereafter existing, 17 kept during the period of Federal control, and placed by the 18 President in the custody of carriers subject to this part.] 3 19 (6) The Commission shall have authority to inquire 20 into the management of the business of all carriers and sub21 sidiaries, and of all controlling persons and affiliates to the 22 extent that the business of such controlling persons and affili23 ates is related to the control or management of the business

3 The substance of thls omitted matter, except the last sentence, is included in subdivisions (c), (d), and (e) of this paragraph.

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(Page 14) 1 of one or more carriers or subsidiaries, and the Commis2 sion shall keep itself informed as to the manner and method 3 in which the same is conducted, and shall have the right to 4 obtain from such carriers, subsidiaries, controlling persons, 5 and affiliates such information as the Commission deems 6 necessary to carry out the provisions of this part. 7 (c) The Commission, any authorized agent thereof, 8 shall at all times have authority to inspect and copy all ac9 counts, books, records, memoranda, correspondence, and 10 other documents, now or hereafter existing, of a carrier or 11 subsidiary, and such accounts, books, records, memoranda, 12 correspondence, and other documents, now or hereafter exist13 ing, of a controlling person or affiliate, as the Commission 14 deems relevant to such controlling person's or affiliate's rela15 tion to or transactions with one or more carriers or sub16 sidiaries. 17 (d) The Commission, or any authorized agent thereof, 18 shall at all times have authority to inspect and copy such 19 accounts, books, records, memoranda, correspondence, and 20 other documents, now or hereafter existing, of any bank, 21 trust company, trustee under any indenture, brokerage firm, 22 investment banking firm, accounting firm, railway associa23 tion, or person which sells or has sold equipment or supplies 24 to carriers, as the Commission deems relevant to transactions

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