182 Variation of registered charges

(1) Where there is a variation in the terms of a charge registered under section 181, application for the variation to be registered may be made by —


(a) the company, acting by its registered agent or a legal
practitioner in Seychelles authorised to act on its behalf; or

(b) a registered agent (other than the company‘s registered agent)
or a legal practitioner in Seychelles, acting on behalf of the
chargee.

(2) An application under subsection (1) is made by filing —

(a) an application in the approved form;

(b) the instrument, or a certified copy of the instrument, varying
the terms of the charge; and

(c) in the case of a variation application made by or on behalf of
the chargee, a written consent to the application signed by or on
behalf of the chargor.

(3) Upon receipt of an application complying with subsection (2), the
Registrar shall forthwith —

(a) register the variation of the charge;

(b) issue a letter of registration of the charge variation and send it,
together with a sealed copy of the charge variation instrument
or certified copy instrument which was filed, to the person who
filed the application under subsection (1); and

(c) if the person who filed the application under subsection (1) was
not the registered agent of the chargor company, send a copy of
the letter of registration of the charge variation to the registered
agent of the chargor company.

(4) The Registrar shall state in the Register of Registered Charges and on the
letter of variation the date and time on which a variation of charge was
registered.

(5) A letter of registration issued under subsection (3) is conclusive proof
that the variation referred to in the letter was registered on the date and
time stated in the letter.