Section 13: Keeping of books of account.

(1) Every mortgage institution shall keep proper books of account with respect to all its transactions.
(2) For the purposes of subsection (1) of this section, proper books of account shall not be deemed to be kept with respect to all transactions if such books as are necessary to explain such transactions and give a true and fair view of the state of affairs of the mortgage institution are not kept by the mortgage institution.
(3) The books of account as are required to be kept pursuant to subsection (1) of this section, shall be kept in the English language at the principal administrative office of the mortgage institution in Nigeria.
(4) Any person who being a director of any mortgage institution fails to take reasonable steps to secure compliance as respect any account required under this section, shall be guilty of an offence and liable in respect of each offence to imprisonment for 2 years or to a fine of N5,000 or to both such fine and imprisonment.
(5) In any proceeding against a person in respect of an offence under this section, it shall be a defence to prove that he had reasonable grounds to believe and did believe that another person, who is competent and reliable, was charged with the duty of seeing that the said provisions were complied with.