The racing commission is empowered to compel the production of any and all books, memoranda, or documents showing the receipts and disbursements of any person, association, or corporation licensed to conduct race meetings under this part. The racing commission may at any time require the removal of any employee or official employed by any licensee hereunder whenever such employee or official is guilty of any improper practice in connection with racing, has failed to comply with any condition of the license, or has violated any rule adopted by the racing commission. The racing commission shall have the power to require that the licensee maintain books and financial statements in a manner and form prescribed by the racing commission so as to assure the proper administration of the parimutuel pool and the payment of the tax hereinafter provided. The racing commission shall be authorized to visit, investigate, and place auditors and inspectors in the offices, tracks, or place of business of any person, association, or corporation licensed under this part. The racing commission shall have power to summon witnesses before its meetings, to administer oaths to such witnesses, and to require testimony on any issue before it. Any person failing to appear before the racing commission, or failing to produce books, records, and documents ordered, or refusing to testify thereon, shall be deemed guilty of a misdemeanor, and upon conviction in a court of competent jurisdiction, shall be punished by a fine of not more than five hundred dollars ($500), or by imprisonment not to exceed six months, or by both fine and imprisonment in the discretion of the court.