Sec. 19(7) (b) ONTARIO ENERGY some Chap. 312 91

(3) The rate base to be determined by the Board under Formula for subsection 2 shall be the total of, S;,f'§',§",_1,:'"@

(a) a reasonable allowance for the cost of the property that is used or useful in serving the public, less an amount considered adequate by the Board for depreciation, amortization and depletion;

(b) a reasonable allowance for working capital; and

(c) such other amounts as, in the opinion of the Board, ought to be included.

(4)' In determining the reasonable allowance for the cost of the Idem, property under clause a of subsection 3, the Board shall ascertain 3331,33,

the actual cost of the property to the present owner, but,

(a) where the actual cost to the present owner of any of the property cannot be ascertained, the Board shall deter- mine a reasonable allowance to be included in the rate base for the cost of that property;. and

(b) where in the opinion of the Board the actual cost to the present owner of any of the property is more than a reasonable allowance for inclusion in the rate base for the cost of that property, the Board shall determine a reasonable allowance to be included in the rate base for the cost of that property.

(5) In considering whether the actual cost mentioned in Idem subsection 4 exceeds a reasonable allowance for inclusion in the rate base and in determining the appropriate deductions to be made in respect of any such excess, the Board may consider all matters it considers relevant, including the public benefit result- ing from the acquisition of the property, whether the acquisition at the price paid was prudent in the circumstances existing at the time and, where the property was acquired as an operating system or part thereof, the allowance made for its cost in the rate base of the former owner or, if no such rate base had been determined that included an allowance for the cost thereof, the allowance that would have been made therefor in a rate base for the former owner determined in accordance with this section.

(6) Findings of fact on which determinations are made by the Findings Board under subsections 2, 3, 4 and 5 shall be based on the “f” evidence adduced at the hearing. 1968-69, c. 81, s. 4 (2).

(7) Notwithstanding anything to the contrary, the Board may Where rate

dispense with the determination of a rate base, , ‘gfiypgflm

(a) in the case of a transmitter, distributor or storage with company that has been carrying on business by itself

and by its predecessor, if any, for less than two years;

(b) in the case of the approval or fixing of rates or other charges that, in the opinion of the Board, are of limited