(1)
If an individual, firm or corporation registered under this Act ceases to carry on business, it shall be the duty of the individual or if he is dead, his personal representative, or of a partner in the firm at the time it ceased to carry on business, the director or liquidator of the corporation, within three months after the business has ceased to be carried on, to send by post or deliver to the Registrar a notice, stating that the individual, firm or corporation has ceased to carry on business.
(2)
On receipt of such a notice as mentioned in subsection (1), the Registrar may remove the individual, firm or corporation from the register.
(3)
Where the Registrar has reasonable cause to believe that any individual, firm or corporation registered under this Act is not carrying on business, he may send a notice by registered post to the individual, firm or corporation, unless an answer is received to such notice within two months from the date thereof, the individual, firm or corporation may be removed from the register.
(4)
If the Registrar either receives an answer from the individual, firm or corporation to the effect that the individual, firm or corporation is not carrying on business or does not within two months from the date of the notice receive an answer, he may remove the individual, firm or corporation from the register.
(5)
If any person whose duty it is under subsection (1) to give notice that any individual, firm or corporation has ceased to carry on business fails to comply with the provisions of that subsection, he commits an offence and is liable on conviction to a fine in such amount as the Commission shall specify in its regulations.