96.
| (1) Where
| | (a) the debt for which any registered charge was given has been paid or satisfied in whole or in part; or | | |
| | (b) any part of the property or undertaking charged has been released from the charge or has ceased to form part of a company's property or undertaking, | | |
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| (2) Upon the receipt of a statement sent by a company under the provisions of subsection (1) the Registrar may, on his being satisfied as to the correctness of such statement, enter on the register a memorandum of satisfaction in whole or in part, or of the fact that part of the property or under taking has been released from the charge or has ceased to form part of the company's property or undertaking, as the case may be. |
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| (3) Where any company makes default in complying with the provisions of subsection (1), every officer of the company who is in default shall be guilty of an offence and shall be liable to fine not exceeding five hundred rupees for every day during which the default continues. |
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Sri Lanka Consolidated Acts