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← Banking Act 1970

Banking Act 1970 s 69

s 69 Composition of offences

69.—(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine that is prescribed for the offence. (1A) The Authority may compound any offence under this Act (including an offence under a provision which has been repealed) which —(a) was compoundable under this section at the time the offence was committed; but (b) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed. [10/2013] (2) On payment of the sum of money mentioned in subsection (1) or (1A), no further proceedings are to be taken against that person in respect of the offence.[10/2013] (3) The Authority may make regulations to prescribe the offences which may be compounded. (4) All sums collected by the Authority under subsection (1) or (1A) must be paid into the Consolidated Fund.[10/2013]

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Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.

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