Regulations respecting accounts, etc.

Regulations respecting accounts, etc.

389 (1) The Regulator may, with the approval of the Governor in Council, make regulations (a) respecting the manner in which the accounts of a company must be kept; (b) respecting the classes of property for which depreciation charges may properly be included under operating expenses in the accounts and the accounting methods that may be used in computing and charging depreciation in respect of each of the classes of property; (c) respecting a uniform system of accounts applicable to any class of company; and (d) requiring that any of the following persons and companies keep and make available for inspection, in the form that may be prescribed by the regulations, at a place of business in Canada any records, books of account and other documents and submit to the Regulator, at any time and in any form that may be prescribed, returns and information respecting capital, traffic, revenues, expenses and other matters that are prescribed and that the Regulator determines are matters that should be considered by it in carrying out its powers and duties under this Act in relation to those companies and persons (i) companies that have been authorized to construct or operate a pipeline, (ii) companies that have been authorized to abandon the operation of a pipeline under subsection 241(1), (iii) persons exporting oil, gas or electricity, and (iv) persons holding a licence under Part 7. (2) The Regulator may, by order, on any conditions it considers appropriate, exempt a company or person from the application of a regulation made under subsection (1). (3) Every person who contravenes a regulation made under this section is guilty of an offence punishable on summary conviction. (4) A person is not to be found guilty of an offence under subsection (3) if they establish that they exercised due diligence to prevent the commission of the offence.