(1) The Authority shall note on the register the satisfaction of a registered charge or of any part of such a charge on registered land, or of the release of any part of registered land from a registered charge, either at the request of the registered owner of the charge, or on proof in such manner as is hereinafter mentioned, or in such other manner as may be prescribed, and thereupon the charge shall to the extent so noted cease to operate.
(2) For the purposes of this section, the receipt of the registered owner for the time being of a charge shall be sufficient proof of the satisfaction of the charge, or of any part of the charge, and a release signed by the registered owner for the time being of a charge shall be sufficient proof of the release of any part of registered land subject to that charge.