LawgistThe Chit Funds Act
81Power to compound offences
(1) Subject to such conditions as may be prescribed, any officer empowered by the State Government in this behalf may, either before or after the institution of criminal proceedings under this Act, accept from the person who has committed or is reasonably suspected to have committed an offence under this Act, by way of composition of such offence, a sum of money not exceeding such amount as may be prescribed.
(2) Where an offence has been compounded under sub-section (1), the offender, if in custody, shall be discharged and no further proceedings shall be taken against him in respect of such offence.
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MISCELLANEOUS
- 73 Advisory role of Reserve Bank
- 74 Appeals
- 75 Powers of Registrar to give extension of time for filing documents
- 76 Penalties
- 77 Penalty for second and subsequent convictions
- 78 Application of fine
- 79 Offences by companies
- 80 Cognizance of offences
- 81 Power to compound offences
- 82 Power to enter and search any place and to seize any documents
- 83 Officers to be public servants
- 84 Power to delegate
- 85 Act not to apply to certain chits
- 86 Banks not to conduct chit business
- 87 Power to exempt
- 88 Protection of action taken under the Act
- 89 Power to make rules
- 90 Repeal and saving
