59.—(1) The Board may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding $3,000 or, in the case of a compoundable offence under paragraph 10 of the Third Schedule, a sum not exceeding $500.
(2) The Board may, with the approval of the Minister, make regulations to prescribe the offences which may be compounded.
(3) All sums collected under this section shall be paid to the Board.