Section 13(5) in The Merchant Shipping (Registration Of Sailing Vessels) Rules, 1960
(5)When the mortgage debt is fully discharged, the registrar shall, after satisfying himself that the receipt endorsed on the mortgage instrument is in order and that it is properly witnessed and, where the mortgage is by a company, also that a memorandum of satisfaction has been entered in the register of charges under Section 138 of the Companies Act, 1956, make an entry in the register relating to the discharge of the mortgage.
