Section 76: Liability where proper accounts not kept.

(1) If, where a public enterprise has failed, it is shown that proper books of accounts were not kept by the public enterprise throughout the period of two years immediately preceding the date it is declared a failed enterprise, every officer of the public enterprise who is in default is, unless he shows that he acted honestly and that in the circumstances in which the activity of the public enterprise was carried on the default was excusable, guilty of an offence and liable on conviction to a fine of N2S0,000 or imprisonment for a term of two years or to both such fine and imprisonment.
(2) For the purposes of this section, proper books of accounts shall be deemed not to have been kept in the case of any public enterprise if there have not been-
(a) books of accounts as are necessary to exhibit and explain the transactions and financial position of the public enterprise, including books containing entries from day to day, in sufficient detail of all cash received and cash paid; and
(b) where the trade or business has involved dealing in goods, statements of the annual stock takings and (except in case of goods sold by way of ordinary retail trade) of all goods sold and purchased, showing the goods and the buyers and sellers thereof in sufficient details to enable those goods and those buyers and sellers to be identified.