Satisfaction of charges

Upon proof to the satisfaction of the Registrar– (a) that all money due under a charge has been paid to the chargee or by his direction; or (b) that there has occurred the event or circumstances upon which, in accordance with the provision of any charge, the money thereby secured ceases to be payable and that no money is owing under the charge, 60 the Registrar shall order the charge to be cancelled in the register, and thereupon the land, lease or charge shall cease to be subject to the charge.