INTEREST REDUCTION IN N.S.W.
* K.Z. POWER BOARD CASE AI'I'EAL TO HIGH COURT SYDNEY, November 29. The High Court is hearing the si-opeal of the Wangunui-Rangitikei Power Board against the decision of the New South Wales Equity Court en the board's claim for a reduction of interest under the New South Wales Interest Reduction Act on certain debentures for moneys borrowed from the Australian Mutual Provident Society. The grounds for the appeal arc that the court was in error m ueclaring that the Interest Reduction Act did not apply in the case ana that the board was not entitled to the benefit of the act m payment of the interest. IThe Acting-Chief Justice of llwj Equity Court (Sir that the parties intended the tc be a New Zealand contract Horn first to last, and that it was : nevg intended that the obligation to pay interest at Sydney was to be to any law which the State of South Wales might make. The case concerns loans amounting to i. l-u,-j->< £IOO,OOO and £ 60,000.1
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Bibliographic details
Press, Volume LXIX, Issue 21026, 30 November 1933, Page 9
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171INTEREST REDUCTION IN N.S.W. Press, Volume LXIX, Issue 21026, 30 November 1933, Page 9
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