Banking Act · s 111

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s 111Power of Authority to compound

(1)

The Authority may, without instituting proceedings against any person for any offence under this Act, or any regulations made thereunder, which is punishable only by a fine or a penalty, demand and receive the amount of the fine or penalty or such reduced amount as it thinks fit from that person.

Banking

(2)

If that person —

(a)

pays that amount to the Authority within 14 days after the demand, no proceedings shall be taken against him in relation to the offence; or

(b)

does not so pay the amount so demanded, the Authority may cause proceedings to be instituted in relation to the offence.