Singapore legislation
Clause 53
Clause 53
Repeal and re-enactment of section 69
Section 69 of the Banking Act is repealed and the following section substituted therefor:“Composition of offences69.—
The Authority may, in its discretion, 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 that is prescribed for the offence.(2) On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.(3) The Authority may make regulations to prescribe the offences which may be compounded.(4) All sums collected under this section shall be paid to the Authority.”.