Section 138 - Company to report satisfaction and procedure thereafter. - Companies Act, 1956

Company to report satisfaction and procedure thereafter. 138. (1) The company shall give intimation to the Registrar of the payment or satisfaction, [1] [in full], of any charge relating to the company and requiring registration under this Part, within [2] [thirty] days from the date of such payment or satisfaction. (2) The Registrar shall, on receipt of such intimation, cause a notice to be sent to the holder of the charge calling upon him to show cause within a time (not exceeding fourteen days) specified in such notice, why payment or satisfaction should not be recorded as intimated to the Registrar. (3) If no cause is shown, the Registrar shall order that a memorandum of satisfaction [3] [4] [* * *] shall be entered in the register of charges [5] . (4) If cause is shown, the Registrar shall record a note to that effect in the register, and shall inform the company that he has done so. (5) Nothing in this section shall be deemed to affect the power of the Registrar to make an entry in the register of charges under section 139 otherwise than on receipt of an intimation from the company. ----------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 30, for "in whole or in part". [2] Substituted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 62 and Schedule for "twenty-one" w.e.f. 15-10-1965. [3] See e-Form 17, Companies (Central Government's) General Rules and Forms, 1956. [4] The words "in whole or in part, as the case may be," omitted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 30. [5] See rule 6 and e-Form 13, 17, Companies (Central Government's) General Rules and Forms, 1956.