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Power to compound

(1) Any person prescribed by regulation made under this Act, may, with the consent of the Public Prosecutor, compound any such offence as may be prescribed to be a compoundable offence by regulations made under this Act, by accepting from the person reasonably suspected of having committed the offence a sum of money within such time as may be specified in his written offer.

(2) An offer under subsection (1) may be made at any time after the offence has been committed, and where the amount specified in the offer is not paid within the time specified in the offer, on such extended time as the prescribed  person in subsection (1) may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.

(3) Where the offence has been compounded under subsection (1), no prosecution shall be instituted in respect of the offence against the person to whom the offer was made.

(4) any money paid to the prescribed person pursuant to subsection (1) shall be paid into and form part of the Federal Consolidated Fund.