PRIA, Government Policy, Made Personal

Summary

Requires carriers covered by this law—and any companies that control them, are controlled by them, or are under the same control—to file yearly reports with the Commission. The reports must cover a 12‑month period the Commission chooses and be filed with the Commission in Washington within three months after that year ends, unless the Commission gives more time. The report must give detailed financial and business facts, including capital stock and how it was paid for, the number and names of the 30 largest stockholders of each class and how much they hold, debts and interest, property and equipment values, employee numbers and pay, officers and directors and their pay, yearly improvements and costs, earnings by business area, expenses, profit and loss, and an annual balance sheet. The Commission can also require answers to specific questions, monthly earnings and expense reports, and other periodic or special reports. If a required report or a required answer is late, the person must pay $1,200 for each day of delay; a required answer must be given within 30 days when lawfully demanded.

Title 47, §219

Telegraphs, Telephones, and Radiotelegraphs, Source: USLM XML via OLRC

(a)The Commission is authorized to require annual reports from all carriers subject to this chapter, and from persons directly or indirectly controlling or controlled by, or under direct or indirect common control with, any such carrier, to prescribe the manner in which such reports shall be made, and to require from such persons specific answers to all questions upon which the Commission may need information. Except as otherwise required by the Commission, such annual reports shall show in detail the amount of capital stock issued, the amount and privileges of each class of stock, the amounts paid therefor, and the manner of payment for the same; the dividends paid and the surplus fund, if any; the number of stockholders (and the names of the thirty largest holders of each class of stock and the amount held by each); the funded and floating debts and the interest paid thereon; the cost and value of the carrier’s property, franchises, and equipment; the number of employees and the salaries paid each class; the names of all officers and directors, and the amount of salary, bonus, and all other compensation paid to each; the amounts expended for improvements each year, how expended, and the character of such improvements; the earnings and receipts from each branch of business and from all sources; the operating and other expenses; the balances of profit and loss; and a complete exhibit of the financial operations of the carrier each year, including an annual balance sheet. Such reports shall also contain such information in relation to charges or regulations concerning charges, or agreements, arrangements, or contracts affecting the same, as the Commission may require.

(b)Such reports shall be for such twelve months’ period as the Commission shall designate and shall be filed with the Commission at its office in Washington within three months after the close of the year for which the report is made, unless additional time is granted in any case by the Commission; and if any person subject to the provisions of this section shall fail to make and file said annual reports within the time above specified, or within the time extended by the Commission, for making and filing the same, or shall fail to make specific answer to any question authorized by the provisions of this section within thirty days from the time it is lawfully required so to do, such person shall forfeit to the United States the sum of $1,200 for each and every day it shall continue to be in default with respect thereto. The Commission may by general or special orders require any such carriers to file monthly reports of earnings and expenses and to file periodical and/or special reports concerning any matters with respect to which the Commission is authorized or required by law to act. If any such carrier shall fail to make and file any such periodical or special report within the time fixed by the Commission, it shall be subject to the forfeitures above provided.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this Act”, meaning act June 19, 1934, ch. 652, 48 Stat. 1064, known as the Communications Act of 1934, which is classified principally to this chapter. For complete classification of this Act to the Code, see section 609 of this title and Tables.

Amendments

1989—Subsec. (b). Pub. L. 101–239 substituted “$1,200” for “$100”. 1962—Subsec. (a). Pub. L. 87–444, § 1, struck out “under oath” after “require annual report”. Subsec. (b). Pub. L. 87–444, § 2, struck out provisions that the periodical or special reports be under oath whenever the Commission so required. 1956—Subsec. (a). Act Aug. 2, 1956, substituted “Except as otherwise required by the Commission, such” for “Such” at beginning of second sentence.

§219 Reports by Carriers; Contents and Requirements Generally