53.—(1) The Commissioner or any officer authorised in writing in that behalf by the Minister may, in his discretion, compound any offence under this Act or the regulations which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding $5,000.
(2) On payment of such sum of money, no further proceedings shall be taken against such person in respect of the offence.