§ 62-37. Investigations. - North Carolina Statutes

§ 62‑37. Investigations.

(a)        The Commission may, on its own motion and whenever it may benecessary in the performance of its duties, investigate and examine thecondition and management of public utilities or of any particular publicutility. In conducting such investigation the Commission may proceed eitherwith or without a hearing as it may deem best, but shall make no order withoutaffording the parties affected thereby notice and hearing.

(b)        If after such an investigation, or investigation and hearing,the Commission, in its discretion, is of the opinion that the public interestshall be served by an appraisal of any properties in question, theinvestigation of any particular construction, the audit of any accounts orbooks, the investigation of any contracts, or the practices, contracts or otherrelations between the public utility in question and any holding or financeagency with which such public utility may be affiliated, it shall be the dutyof the Commission to report its findings and recommendation to the Governor andCouncil of State with request for an allotment from the Contingency andEmergency Fund to defray the expense thereof, which may be granted as providedby law for expenditures from such fund or may be denied. Provided, however, thatthe Commission is authorized to order any such appraisal, investigations, oraudit to be undertaken by a competent, qualified, and independent firm selectedby the Commission, the cost of such appraisal, investigation or audit to beborne by the public utility in question. Notwithstanding any other provisionsof this Chapter, the Commission is authorized to initiate a full and complete management audit of any public utility company once every five years,  by acompetent, qualified, and independent firm, such audit to thoroughly examinethe efficiency and effectiveness of management decisions among other factors asdirected by the Commission. The cost of such audit is to be borne by theparticular public utility subject to the audit; provided, however, thatcarriers subject to regulation by and auditing of the Interstate CommerceCommission shall not be required to bear the expense of additional audit ofaccounts or management audit required hereunder. (1931, c. 455; 1933, c. 134, s. 8; c. 307, s. 16;1941, c. 97; 1963, c. 1165, s. 1; 1975, c. 867, s. 4.)