(1) If any firm or individual registered under this Act ceases to carry on business, it is the duty of the persons who were partners in the firm at the time when it ceased to carry on business, or of the individual, or if he or she is dead, his or her personal representative, within 3 months after the business has ceased to be carried on, to deliver to the Registrar notice in the prescribed form that the firm or individual has ceased to carry on business, and if any person whose duty it is to give such notice fails to do so within such time as aforesaid, he or she is liable to a fine not exceeding $96.