(1) The Controller or a Deputy Controller or any person authorised in writing by the Controller may with the consent of the Public Prosecutor compound any offence under this Act which is prescribed to be a compoundable offence committed by any person by making a written offer to such person to compound the offence upon payment to the Controller or the Deputy Controller or any person authorised in writing by the Controller of an amount not exceeding fifty per centum of the amount of maximum fine for that offence within such time as may be specified in the offer.
(2) 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 within such extended period as the Controller or a Deputy Controller or any person authorised in writing by the Controller may grant, prosecution for the offence may be instituted at any time thereafter against the person to whom the offer was made.
(3) Where an offence has been compounded under subsection (1) -
(a) no prosecution shall thereafter be instituted in respect of such offence against the person to whom the offer to compound was made; and
(b) any article, optical disc, thing, book or document seized in connection with such offence shall be released immediately, subject to such conditions as the Controller or Deputy Controller or any person authorised in writing by the Controller thinks fit to impose.