COUNCIL AND MORTGAGES' BILL

Evening Post, Volume CVIII, Issue 83, 4 October 1924, Page 7

COUNCIL AND MORTGAGES' BILL

The grounds upon which the Legishw tive Council insisted upon its amendments to the Mortgages Final Extension Bill were set out yesterday as follows, by the Committee set up for thepiir-. pose:— -..-.'

(1) It is desirable that at the earliest. date_ an accurate estimate should be obtained of the number of persons and properties' affected by the-Mortgages Final Extension Act; (2) such an estimate can only be obtained by requiringthose mortgagors who require extensions to file tHeir applications; a postponement to 31st March, 1925, of the limit of time is unnecessary - and undesirable; (3) inasmuch as under the Bill the filing by a mortgagor of a motion for.extension automatically has the effect of preventing any exercise of the mortgagee's powers until the Court can deal with the subject matter, nothing is gained in. the mortgagor's interest by a postponement of such filing in any case where a mortgagor has a just claim for. extension. The Hon. E. Newman and another member of the Council voted against the reasons drawn up by the Committee, as they preferred the 31st March to the 31st December as the final date. The reasons were adopted, however, on the vote being taken. ".'...'!.'."■".

When the Council's reasons were:reported! to the House of Representatives last night, they were at once disagreed with, and the Prime Minister and Messrs. Parr, Forbes, and Savage were appointed managers to confer with the Council's managers on the points at issue.