Title 45 — Railroads
Chapter 16 — Regional Rail Reorganization
§ 722. Records, audit, and examination
Statutory text
Records
Each recipient of financial assistance under this subchapter, whether in the form of loans, obligations, or other arrangements, shall keep such records as the Association or the Secretary shall prescribe, including records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance and such other records as will facilitate an effective audit.
Audit and examination
The Association, the Secretary, and the Comptroller General of the United States, or any of their duly authorized representatives shall, until the expiration of 3 years after the implementation of the final system plan, have access for the purpose of audit and examination to any books, documents, papers, and records of such recipients which in the opinion of the Association, the Secretary, or the Comptroller General may be related or pertinent to the loans, obligations or other arrangements referred to in subsection (a) of this section. The Association or any of its duly authorized representatives shall, until any financial assistance received under this subchapter has been repaid to the Association, have access to any such materials which concern any matter that may bear upon—
the ability of the recipient of such financial assistance to make repayment within the time fixed therefor;
the effectiveness with which the proceeds of such assistance is used; and
the implementation of the final system plan and the realization of the declaration of policy of this chapter.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Regional Rail Reorganization Act of 1973
Pub. L. 93–236 title II § 212 · 87 Stat. 985
Enacted · 45 U.S.C. § 722
(Pub. L. 93–236, title II, § 212, Jan. 2, 1974, 87 Stat. 1002.)
Source evidence
Code source credit
(Pub. L. 93–236, title II, § 212, Jan. 2, 1974, 87 Stat. 1002.)Enacted provision · exact public law section
Sec. 212. records, audit, and examination (a) Records.— Each recipient of financial assistance under this title, whether in the form of loans, obligations, or other arrangements, shall keep such records as the Association or the Secretary shall prescribe, including records which fully disclose the amount and dis-position by such recipient of the proceeds of such assistance and such other records as will facilitate an effective audit. (b) Audit and Examination.— The Association, the Secretary, and the Comptroller General of the United States, or any of their duly authorized representatives shall, until the expiration of 3 years after the implementation of the final system plan, have access for the purpose of audit and examination to any books, documents, papers, and records of such recipients which in the opinion of the Association, the Secretary, or the Comptroller General may be related or pertinent to the loans, obligations or other arrangements referred to in subsection (a) of this section. The Association or any of its duly authorized representatives shall, until any financial assistance received under this title has been repaid to the Association, have access to any such materials which concern any matter that may bear upon— (1) the ability of the recipient of such financial assistance to make repayment within the time fixed therefor; (2) the effectiveness with which the proceeds of such assistance is used; and (3) the implementation of the final system plan and the realization of the declaration of policy of this Act.
1 of 1 references resolved to an enrolled provision