Section 403: Entries of satisfaction and release., Companies Act 1985

Subject to subsection (1A), the registrar of companies, on receipt of a statutory declaration in the prescribed form verifying, with respect to a registered charge,—

that the debt for which the charge was given has been paid or satisfied in whole or in part, or

that part of the property or undertaking charged has been released from the charge or has ceased to form part of the company's property or undertaking,

may enter on the register a memorandum of satisfaction in whole or in part, or of the fact that part of the property or undertaking has been released from the charge or has ceased to form part of the company's property or undertaking (as the case may be).

The registrar of companies may make any such entry as is mentioned in subsection (1) where, instead of receiving such a statutory declaration as is mentioned in that subsection, he receives a statement by a director, secretary, administrator or administrative receiver of the company which is contained in an electronic communication and that statement—

verifies the matters set out in paragraph (a) or (b) of that subsection,

contains a description of the charge,

states the date of creation of the charge and the date of its registration under this Chapter,

states the name and address of the chargee or, in the case of a debenture, trustee, and

where paragraph (b) of subsection (1) applies, contains short particulars of the property or undertaking which has been released from the charge, or which has ceased to form part of the company's property or undertaking (as the case may be).

Where the registrar enters a memorandum of satisfaction in whole, he shall if required furnish the company with a copy of it.

Any person who makes a false statement under subsection (1A) which he knows to be false or does not believe to be true is liable to imprisonment or a fine, or both.

Section 403: Entries of satisfaction and release.

Discussed in

About this text