Section 27: Penalty for delivering defective financial statements.

If a financial statement of a public enterprise delivered to the Commission does not comply with the requirements of this Act as to the matters to be included in, or in a note to the financial statement, every person who at the time when the statement is so delivered is -(a) a director, manager, secretary or other similar officer of the public enterprise; or
(b) any other person purporting to act in the capacity of a director, manager, secretary or other similar officer,
is guilty of an offence and liable on conviction to a fine of not less than N 100,000.