(1)Where a person under 17 years of age is found guilty by a magistrates' court of an offence for which, apart from this section, the court would have power to impose a fine of an amount exceeding £200, the amount of any fine imposed by the court shall not exceed £200.
(2)In relation to a person under the age of 14 subsection (1) above shall have effect as if for the words " £200 ", in both the places where they occur, there were substituted the words " £50 " ; but this subsection shall cease to have effect on the coming into force of section 4 of the [1969 c. 54.] Children and Young Persons Act 1969 (which prohibits criminal proceedings against children).