MORATORIUM BILL

Press, Volume LX, Issue 18151, 14 August 1924, Page 10

MORATORIUM BILL

LABOUR AMENDMENT PROPOSED. (special to "the pbbss.") WELLINGTON, August 13. In connexion with tho Mortgages Final Extension Bill in the House of [Representatives, the Leader. of the Labour Party has given notice of the party's amendment, which now reads: Jurisdiction to grant extension orders: That Clause 5 be deleted and tho following new clause be substituted therefor:

(1) In respect to any mortgage to which this Act applies, where a discharge has not been effected' or a re-' newal has not been agree* to as between the mortgagee and the mortgagor, a revaluation of lands and securities shall be made, with the object of .ascertaining the productive values of such lands and securities, and the taking over of such mortgages by the State on a basis of real values. Valuations shall be conducted by District Valuation Boards. Such Boards shall be constituted of one representative appointed by the mortgagees and one by the mortgagors in the land district in which the land is situated, and three representatives (including the chairman) appointed by the Government. (2) For the purpose of financing transfers of mortgages from present holders to the State, the Minister of Finance is hereby authorised to raise whatever amounts may be deemed to be necessary, provided that not more than £6,000,000 shall T>e raised in any one year. (3) The aggregate value of undischarged mortgages not taken over by the State shall be ascertained in the manner hereinbefore provided, and the moratorium shallbe extended for whatever period may be necessary to enable the State to take over such.mortgages' a,t a rate not exceeding J86,000,0d0'-per annum. " r :"-

(4) Any mortgagee, being a practical" farmer, may appeal to a Land Court, which Cocrt shall be empowered; to grant him possession, provided that he' shall satisfy the;-Court that he bona fide intends to occupy and work .the land, and also provided:that the mortgagor is allowed equitable consideration on account of deposits and other payments (not including interest) made in respect/ of the mortgage, and also for assessable improvements made during his occupancy. Such-Land Courts shall consist of one representative nominated by the mortgagees and one by the mortgagors in the land district in which the land is situated, and a judge of the Supreme Court, who shall be the chairman.

(5) Where a mortgage remains undischarged and has not been renewed or transferred to the State, the mortgagor, shall continue in possession on payment of a rate of interest.not exceeding 6 per cent, on the value of the mortgage in reduced ratio to the capital value arrived at by tho District Valuation Board, provided that the mortgagee may appeal to the Land Court for possession as provided for in Section 4, and further provided that at any time, the mortgage may be taken over by the State: ; •."."...