Section 41: Report of examination, etc.

(1) Not later than 30 days after the conclusion of an examination under section 40 of this Act, the examiners shall forward a report of their findings to the Chairman of the Commission who shall within 14 days forward a copy to the board of the public enterprise and inform the board of any circumstances in which the board may exercise any of its powers under subsection (2) of this section.
(2) The board of the public enterprise shall within 30 days of receiving the report of the examiners and information under subsection (1) of this section, examine the report of the examiners at a meeting specifically convened for that purpose and submit its comments, if any, on the report to the Chairman of the Commission.
(3) The Commission shall not later than 30 days of receiving the comments of the board of the public enterprise, submit the report, the comments of the board (if any) together with the findings (if any) of the Commission to the President for his consideration.
(4) Where the report of the examination of a public enterprise reveals that the public enterprise has failed, that is-
(a) has persistently failed to provide the core services for which it was established; or
(b) has liabilities which exceed its assets to an extent considered unhealthy or inimical to the public interest by the Commission; or
(c) is unable persistently to meet its operating costs or the payment of salaries to its employers, its creditors or contractors; or
(d) has persistently failed to produce audit report as and when due; or
(e) has persistently failed to post a profit (if applicable) for a period of time specified by the Commission; or
(f) has failed to manage its finances prudently arising from financial malpractice; or
(g) is likely to become unable to meet its obligations; or
(h) is for any reason whatsoever in a grave situation; or
(i) is being mismanaged,
the Head of State, Commander-in-Chief of the Armed Forces, may exercise anyone or more of the powers specified in subsection (5) of this section.
(5) The President may by order in writing pursuance to subsection (4) of this section-
(a) dissolve the board of directors of the public enterprise and appoint -
(i) a new board of directors,or
(ii) a sole administrator,
to manage the affairs of the public enterprise;
(b) direct the Commission to -
(i) recover any debt being owed to the public enterprise,
(ii) remove from office any officer or director who contributed to any of the matters revealed under subsection (4) of this section,
(iii) wind-up the activities of the public enterprise and transfer its assets and liabilities to such other body or bodies as he may determine,
(iv) take such other action as he may specify in the order: