Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 269

269. (1) Where, with respect to a charge registered under this Division:

   (a)  the debt or other liability the payment or discharge of which was
        secured by the charge has been paid or discharged in whole or in part;
        or

   (b)  the property charged or part of that property is released from the
        charge; the person who was the holder of the charge at the time when
        the debt or other liability was so paid or discharged or the property
        or part of the property was released shall, within 14 days after
        receipt of a request in writing made by the company on whose property
        the charge exists, give to the company a memorandum in the prescribed
        form acknowledging that the debt or other liability has been paid or
        discharged in whole or in part or that the property or that part of it
        is no longer subject to the charge, as the case may be.

(2) The company may lodge the memorandum and, upon the memorandum being
lodged, the Commission shall enter in the Register particulars of the matters
stated in the memorandum.

(3) The reference in subsection (1) to the person who was the holder of a
charge at the time when the debt or other liability was so paid or discharged
or the property or part of the property was released shall, if the charge was
constituted by a debenture or debentures and there was a trustee for debenture
holders, be construed as a reference to the person who was, at that time, the
trustee for debenture holders.