Arrangement of Sections
1. Establishment of the Public Enterprises Regulatory Commission
2. Membership of the Commission
7. Functions of the Commission
9. Directives by the President
10. Committees of the Commission
11. Secretary to the Commission
12. Other staff of the Commission, etc
13. Service in the Commission to be pensionable
16. Annual estimates, account and audit
19. Public enterprises to keep accounting records
20. Place and duration of records
21. Penalties for non-compliance with sections 19 and 20
22. Directors’ duty to cause financial statement to be prepared
23. Form and content of financial statement
24. Restriction on the granting of loans, etc., to directors
26. Signing of balance sheet and documents to be annexed thereto
27. Penalty for delivering defective financial statements
28. Publication by a public enterprise of full individual financial statements
PART VII
Supervision
PART VIII
Duties of directors, etc.
43. Conflicts of duties and interests.
44. Multiple directorship.
45. Duty of care and skill.
46. Legal position of directors.
47. Substantial property transactions involving directors, etc.
48. Exceptions from application of section 47.
49. Liabilities arising from contravention of section 47.
50. Directors prohibited from receiving bribes, gifts, etc.
51. Destruction, etc.
52. Jurisdiction.
53. Pending proceedings.
54. Power of the Court.
PART IX
Trial of offences, etc.
55. Power to control property of debtors or accused.
56. Jurisdiction unaffected by separation from office, etc.
PART X
Recovery of debts owed to public enterprises
57. Recovery of debts owed to public enterprises.
58. Proof of debt.
59. Application for recovery of debts owed to public enterprise.
60. Debtor to appear before Court to show cause.
61. Hearing, judgment and execution.
62. Withdrawal of application.
63. Sale of property.
64. Inadequate information on debtor, etc.
65. Exclusion of statutes of limitation.
PART Xl
Offences and penalties
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