Each certificate of convenience and necessity issued by the Commission shall establish time limits within which construction must be started but in no case shall this exceed six (6) calendar months. The certificate shall also establish a time limit within which the certificated water transportation line will be made available for public service. The certificate shall also provide for reports to the Commission at appropriate intervals indicating the progress of construction, the percentage of completion of the major phases of the project, changes in the estimated completion dates, and any other appropriate information which may be required by the Commission. If the Commission shall determine that the certificate holder appears to be in default as to the time limits set out in the certificate, it shall conduct a hearing, after ten (10) days' notice, and require the certificate holder to show cause why the certificate should not be canceled. If the certificate holder shall show that it is in default for good cause, such as unanticipated engineering difficulty, national emergency making materials unavailable for construction, or other valid reasons over which the certificate holder has no control, the Commission may extend the time set out in the certificate or in any previous extension. In the absence of good cause shown, the certificate shall be canceled. The Commission shall conduct a hearing to extend such time limits upon application of the certificate holder, and may make extension for good cause shown.
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