MORTGAGE FINANCE

Dominion, Volume 28, Issue 123, 18 February 1935, Page 10

MORTGAGE FINANCE

Law Society’s Attitude REPORT OF COMMERCE CHAMBERS FAVOURED A meeting o£ the council of the New Zealand Law’ Society was held ou Friday, February 15. to consider the report prepared by the joint committee of the Associated Chambers of Commerce concerning the proposed Alortgage Finance Corporation, on which committee the council had been represented. After delegates from the various district law societies bad presented the views of those societies, the following motion was carried by a very large majority: “That this council expresses its general approval of the report issued by the committee of the Associated Chambers of Commerce.” AVith regard to the rehabilitation proposals as known at the moment, the following 4 resolution was carried with one dissentient: “That this council is of the opinion that it should be a fundamental principle of any proposal for rehabilitation of rural finance that any loss of capital incidental to such rehabilitation should be .spread over the whole community and not thrown solely upon any single section of the community.” Attention was drawn to Section 29 of the Companies (Bondholders’ Incorporation (No. 2) Bill, which reads’ “Proceedings before the Commission shall not be held bad for want of form. No appeal shall lie from any order made by the Commission; and. except upon the ground of lack of jurisdiction, no order or proceeding of the Commission shall be liable to be challenged, reviewed, quashed, or called in question in any Court.” It was unanimously agreed that the strongest protest against such a provision was warranted, and the following resolution was passed :—“That in the opinion of this Council, Section 29 of tjje Companies (Bondholders’ Incorporation) (No. 2) Bill should not be passed. If the order contemplated by 1 this section is an administrative one. the section is unnecessary; if. on the other hand, judicial functions are contemplated, then the persons affected should have the ordinary right of recourse to the Court.”