35-A §504. Time for closing accounts; filing balance sheets
Title 35-A: PUBLIC UTILITIES HEADING: PL 1987, C. 141, PT. A, §6 (NEW)
Part 1: PUBLIC UTILITIES COMMISSION HEADING: PL 1989, C. 502, PT. A, §123 (RP)
Chapter 5: ACCOUNTING HEADING: PL 1987, C. 141, PT. A, §6 (NEW)
§504. Time for closing accounts; filing balance sheets
The following provisions apply to the accounts of public utilities. [1987, c. 141, Pt. A, §6 (NEW).]
1. Time for closing accounts. The accounts of all public utilities shall be closed annually on the 31st day of December unless the commission fixes a different date.
[ 1987, c. 141, Pt. A, §6 (NEW) .]
2. Filing of information. A balance sheet as of the date the account is closed shall be promptly taken from the account. Within 3 months after the account is closed the balance sheet together with other information as the commission may prescribe, shall be verified by an officer or owner of the public utility and filed with the commission.
[ 1987, c. 141, Pt. A, §6 (NEW) .]
3. Extension. The commission may, for good cause, extend the deadline set out in subsection 2 not exceeding one month and may excuse any public utility from filing its returns when the gross revenue of the utility does not exceed $50,000.
[ 1987, c. 631, §6 (AMD) .]
SECTION HISTORY
1987, c. 141, §A6 (NEW). 1987, c. 631, §6 (AMD).