(1)Where any company has made default in complying with any provision of this Act requiring it to file with or deliver or send to the Registrar any account, document or return or to give notice to him of any matter, and has by reason of such default committed an offence under this Act, the Registrar may, if he thinks fit, instead of instituting proceedings in court or where such proceedings have already been instituted, instead of continuing such proceedings against the company or any officer of the company in respect of such offence, accept from the company or the officer, such sum of money as the Registrar may think proper in composition of the offence. Any sum so accepted shall be credited to the Fund estabilshed under this Act.