Section 120
of International Business Companies Order, 2000
Section 120
(1)
Where, with respect to a registered charge created by an IBC –
(a)
the debt for which the charge was given has been paid or satisfied in whole or in part; or
(b)
the property or undertaking charged or any part thereof has been released from the charge or has ceased to form part of the company’s property or undertaking, the company may lodge through its registered agent with the Registrar in the prescribed form a memorandum of satisfaction in whole or in part of the fact that the property or undertaking or any part thereof has been released from the charge or has ceased to form part of the company’s property or undertaking, as the case may be, and the Registrar shall file such memorandum and shall enter particulars of the same in the register.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
96
BLUV as at 20th June 2017
(2)
The memorandum must be accompanied by the prescribed fee and supported by evidence sufficient to satisfy the Registrar of the payment, satisfaction, release or ceasing referred to in subsection (1).
Extension of time and rectification of register of charges.