(1) Subsection (2) applies if a statement is delivered to the registrar verifying with respect to a registered charge -
(a) that the debt for which the charge was given has been paid or satisfied in whole or in part, or
(b) 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.
(2) The registrar may enter on the register a memorandum of satisfaction in whole or in part, or of the fact 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).
(3) Where the registrar enters a memorandum of satisfaction in whole, the registrar shall if required send the company a copy of it.