Singapore legislation

Section 48A

of Finance Companies Act 1967

Section 48A

Composition of offences

Amended by10/201310/201310/201310/201310/2013

(1)

The Authority may compound any offence under this Act which 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 prescribed for that offence.

Amended by10/2013

(2)

The Authority may compound any offence under this Act (including an offence under a provision which has been repealed) which —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.

Amended by10/2013

(3)

On payment of the sum of money referred to in subsection (1) or (2), no further proceedings are to be taken against that person in respect of the offence.

Amended by10/2013

(4)

The Authority may make regulations to prescribe the offences which may be compounded.

Amended by10/2013

(5)

All sums collected by the Authority under subsection (1) or (2) must be paid into the Consolidated Fund.

Amended by10/2013