55.

Composition of offences

(1) The Commission may, in its discretion, compound any offence under this Act (except Part IX) which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following sums:
(a) one half of the amount of the maximum fine that is prescribed for the offence;
(b) a sum of $5,000.
(2) The Commission may, in its discretion, compound any offence under Part IX which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding $1,000.
(3) On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.
(4) The Commission may, with the approval of the Minister, make regulations prescribing the offences which may be compounded.
[Act 22 of 2016 wef 01/10/2016]