This file is indexed.

/etc/init/hwclock.conf is in util-linux 2.20.1-5.1ubuntu20.

This file is owned by root:root, with mode 0o644.

The actual contents of the file can be viewed below.

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# hwclock - adjust system clock and timezone
#
# The hwclock task adjusts the system clock when the hardware clock is
# set to localtime (e.g. when dual-booting with Windows), and also
# ensures that the system timezone is set so that timestamps are written
# to FAT devices.

description	"adjust system clock and timezone"

start on starting mountall

task

script
    . /etc/default/rcS
    [ "$UTC" = "yes" ] && tz="--utc" || tz="--localtime"
    [ "$BADYEAR" = "yes" ] && badyear="--badyear"
    exec hwclock --systz $tz --noadjfile $badyear
end script