Section 78: Interpretation.

In this Act, unless the context otherwise requires-
"application" means an application made by the Commission or by a person (including a receiver or liquidator) appointed by the Commission on its behalf for the recovery of a debt, owed to a public enterprise;
"auditor" means an external auditor appointed under section 30 of this Act;
"board" means the governing board, by whatever name called, of a public enterprise;
"Board" means the governing Board of the Commission;
"Commission" means the Public Enterprises Regulatory Commission established under section 1 of this Act
"Court" means the Federal High Court;
"debt" includes any land, claims, damages, penalties, forfeitures, credit facility, money received for work not done, mobilisation fee, refunds together with the interest thereon, if any, which remain unsettled, outstanding and unpaid against any person in favour of a public enterprise;
"debtor" includes a defendant or any person against whom the public enterprise claims any debt;
"director" includes-
(a) a member of the governing board, by whatever name called, of a public enterprise; and
(b) a wife, husband, father, mother, son, daughter, agent or trustee of a director;
"employee" means a person who is or has been employed, or connected in any capacity with the affairs of a public enterprise or any person brought before the Court under this Act, and includes an officer of the public enterprise;
"failed public enterprise" means a public enterprise to which any of the provisions of section 41 (4) of this Act relates;
"liquidator or receiver" includes a person appointed by the Commission to manage, liquidate the public enterprise or to bring an application under section 62 (1) of this Act;
"loan" includes an advance, mobilisation payment, a guarantee and any other credit facility;
"officer" includes a director of the public enterprise;
"public enterprise" includes-
(a) any commission, board, agency, committee, organisation or authority established for the Federation, under the Constitution or by any other enactment;
(b) any commission, board, agency, committee, organisation or authority established for any State or States under the Constitution or by any Act, law or any other enactment;
(c) any statutory corporation or authority established by the Federal, State or local government;
(d) any educational institution established or financed principally by the Federal, State or local government;
(e) any company or enterprise in which the Government of the Federation, State or local government or its agency owns controlling interest, excluding a bank or other financial institutions under the Failed Banks (Recovery of Debts) and Financial Malpractice in Banks Act, the Banks and other Financial Institutions Act and the Nigerian Deposit Insurance Corporation Act;
"supervising officer" includes a Minister, Permanent Secretary and their representatives;
"unsecured" means without security or collateral.