374:11 Use of Depreciation Fund. –
The depreciation fund may be expended in new construction, extensions or additions to the property of the public utility, or invested and, if invested, the net income from the investment shall be added to the depreciation fund, unless the commission for good cause shown shall otherwise order. Such fund may be used only for new construction, extensions or additions to physical property or for renewing, restoring, replacing or substituting depreciated property in order to keep its plant and system in a state of repair and efficiency, or for paying debts incurred for such purposes.