183 Satisfaction or release of charge

(1) A notice of satisfaction or release in the approved form may be filed with
the Registrar under this section if —

(a) all liabilities secured by the charge registered under section 181
have been paid or satisfied in full; or

(b) a charge registered under section 181 has ceased to affect the
property, or any part of the property, of a company.

(2) A notice of satisfaction or release shall —

(a) state whether the charge has been paid or satisfied in full or
whether the charge has ceased to affect the property, or any part
of the property, of the company;

(b) if the charge has ceased to affect the property, or any part of the
property of the company, specify the property of the company
that has ceased to be affected by the charge, stating whether this
is the whole or part of the company‘s property; and

(c) be signed by or on behalf of the chargee.

(3) A notice of satisfaction or release may be filed 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.

(4) If the Registrar is satisfied that a notice filed under subsection (1) is
correctly completed, complies with subsection (2), the Registrar shall
forthwith register the notice and issue a letter of satisfaction or release of
charge and send —

(a) the letter to the person who filed the application under subsection
(1); and

(b) if the person who filed the application under subsection (1) was
not the company‘s registered agent, a copy of the letter to the
company‘s registered agent.

(5) The Registrar shall state in the Register of Registered Charges and on the
letter issued under subsection (4) the date and time on which the notice
filed under subsection (1) was registered.

(6) From the date and time stated in the letter issued under subsection (4)(a),
the charge is deemed not to be registered in respect of the property
specified in the notice filed under subsection (1).