The Commission, by its order, may grant or deny the application provided for in the preceding section [N.C. Gen. Stat. § 62-161] as made, or may grant it in part or deny it in part or may grant it with such modification and upon such terms and conditions as the Commission may deem necessary or appropriate in the premises and may, from time to time, for good cause shown, make such supplemental orders in the premises as it may deem necessary or appropriate and may, by any such supplemental order, modify the provisions of any previous order as to the particular purposes, uses, and extent to which or the conditions under which any securities so authorized or the proceeds thereof may be applied; subject always to the requirements of the foregoing section [N.C. Gen. Stat. § 62-161]. (1933, c. 307, s. 19; 1963, c. 1165, s. 1.)