s 55 Interest of deceased person in business to be notified
55.—(1) Where a deceased person had any interest in any business carried on within Singapore either —(a) as a partner in the business; or (b) as a member of a Hindu joint family or families or of any coparcenary owning or having an interest in the business, the surviving partner or partners or the manager, agent, attorney or other person or persons having for the time being the management of the business shall notify the Commissioner of the nature and extent of the interest of the deceased therein. (2) Every person who fails without reasonable excuse to comply with this section shall be liable to pay to the Government such penalty not exceeding $1,000 as the Commissioner or, in the case of dispute or neglect to pay, the court may determine. (3) For the purpose of recovering such penalty, an enforcement order may be executed against the property of that person or against any property situate within Singapore of such business or against the property of any partner or coparcener therein.[Act 25 of 2021 wef 01/04/2022] (4) In this section —“business” includes every profession, and every form of trade, commerce, banking, insurance, moneylending, habitual letting of premises, rent collecting, craftsmanship and other occupation or activity carried on by one or more persons for the purpose of gain; and “business carried on within Singapore” includes any branch, agency or associated business carried on within Singapore of any business established, carried on or owned wholly or in part by any person or persons outside Singapore.