Power to compound offences

(1) The Registrar may accept from any person against whom a reasonable suspicion exists that he has committed any offence punishable under sub-sections (1), (1A), (2), (5), (7), (9), (13) and (14) of section 109 [except an offence in respect of contravention of section 63] sum of money not exceeding one thousand rupees by way of composition for the offence which such person is suspected to have committed. (1A) The Director of Co-operative Audit may accept from any person against whom a reasonable suspicion exists that he has committed an offence in respect of contravention of section 63 punishable under sub-section (9) of section 109, a sum of money not exceeding one thousand rupees by way of composition for the offence which such person is suspected to have committed. (2) On the payment of such money to the Registrar [or the Director of Co-operative Audit, as the case may be] the suspected person if in custody, shall be discharged, the property, if any, seized shall be released and no further proceeding shall be taken against such person or property.