(3)The Board, at its discretion, may, compound for only period not exceeding one year with the person 1iable to pay the tax on: any railway premises or any premises used as a factory, dockyard, workshop, mazdur depot, school, college, hospital, market, court-house, jail reformatory, lunatic, asylum, or other similar place, for a certain sum to be paid by such person in lieu of the tax.
