(1) When a seaman is discharged, and the settlement of his or her wages completed, he or she shall sign a release, in an approved form, of all claims in respect of the past voyage or engagement; and the release shall be signed by the master or owner of the ship.
(2) The release, so signed and attested, shall operate as a mutual discharge and settlement of all demands between the parties thereto in respect of the past voyage or engagement.
(3) The release shall be delivered to and retained by the owner for a period of 7 years after the expiration of the agreement and shall be produced on demand made therefor by the Registrar of Seamen or other proper officer.