Subject to the provisions of this Act, a Security Guard Court may, on convicting a person subject to this Act of any of the offences specified in sections 15 to 44 (both inclusive) award either the particular punishment with which the offence is stated in the said sections to be punishable or, in lieu, thereof, any of the punishments lower in the scale set out in section 47 regard being had to the nature and degree of the offence.