Section 113
Power of Governor to compound offences
of Development Financial Institutions Act 2002
The Governor may, with the consent of the Public
Prosecutor, offer in writing to compound any offence under this Act,
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or under regulations made under this Act, by accepting from the person reasonably suspected of having committed the offence such amount not exceeding fifty per cent of the amount of the maximum fine for that offence to which that person would have been liable if he had been convicted of the offence, within such time, as may be specified in the offer.
(2)
Any money paid to the Governor pursuant to subsection (1) shall be paid into and shall form part of the Federal Consolidated Fund.
(3)
An offer under subsection (1) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted, and where the amount specified in the offer is not paid within the time specified in the offer, or such extension of time as the
Bank may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.
(4)
Where an offence has been compounded under subsection (1), no prosecution shall be instituted in respect of the offence against the person to whom the offer to compound was made.