Just to clarify it a bit, that code snippet will not work, but Srki_82's code will. The problem is that both Remove and Delete methods remove the the object from the list and move all objects that were behind it in the list 1 position up in the list, i.e, when you remove the first object on position 0, the object on position 1 moves to position 0, the object on position 2 to position 1, etc.
Regarding the memory, as long the property OwnsObjects is true Remove will free the object. Not sure if Delete will.
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