The Registrar shall, on application being made in the prescribed form and on evidence being given to his satisfaction with respect to any charge of which particulars have been registered,

(a) that the debt for which the charge was given has been paid or satisfied in whole or in part; or

(b) that the whole or part of the property has been released from the charge,

enter on the register a memorandum of satisfaction in whole or in part or of the fact that the whole or part of the property has been released from the charge, as the case may be.