Page 10 Advertisements Column 2

Press, Volume LI, Issue 15394, 27 September 1915, Page 10

QUEEN OF THE CARNIVAL "No. 10" WHISKY of an order under tlio Mortgages Extension Act. The term of the first mortgage had actually been extended. so that there had been no default. Even if non-payment of the instalments was a breach. it was not of a nature to endanger the security seriously. He contended that the directors had acted prooerly throughout, and that nothing they "had done was ultra vires. The arrangement made with the other companies was entered into ior the purpose of sharing the cost of ono bore instead of each of the companies putting down a separate l>orc in order to test tile property for oil producing purposes. The second mortgagee could not hope to succeed itt the present application. for the arguments adduced really went to the winding up of the company, and that was not in issue. He claimed that the easo had not been brought within the sections of the Mortgage Extension Act. Mr Skerrett said the fact of the first mortgage being extended did not affect the second mortgagee. The real point at issue was whether security meant merely the property or included the personal security given by a mortgag°r - , . . . His Honour reserved his decision.

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