MORATORIUM

Evening Post, Volume XCVIII, Issue 88, 11 October 1919, Page 5

MORATORIUM

NEW. CLAUSES'- IN. BILL

LEGISLATIVE COUNCIL

app.roves:

■; The Mortgages Extension Bill, as reported by the Joint Statutes Revision Committee to the Legislative Council yesterday,' contains several iiew 'Clauses." Securities- for loans granted'under the- . Bepattiation Act, ,1918,. are not to. ebirie within the scope of the" meksiupc, \ IfiSproYVdea ina;new.claiise that -a mortgagee, before proceeding to exercise his' powers, wilder the Bill;' shall give to, the' m&rtgagor- two "Months' notice of his in-, tentioh in '.Writing.-• Should the mortgagor fail to deliver an objection within two months the mortgagee may. proceed,' but if an. objection is lodged he shall not exercise any of his powers /without the leave of the: Supreme Gourt; Another new clause empowers the Supreme Court, yupon the application of either the, mortgagor or the ..mortgagee .ttiadfe ■before Slst. p_ecemberyi92oj,'to--extend-the ;date appointed for" the'payineiit of the principal moneys, oya'ny.'pafjftherfey.' of, to any date not later-than 3ist-;De-cßmber, 1921. Finally,: it is provided that wheVe- the principal ' moneys are Jess than £500 a Magistrate is to have jurisdiction. • ./:.;■''. ,;. , -The amendments', were to by the Council, and the -Bill was put through its final stages and passed. ; The Bill was received in the House, of Eepresentatives ■ from the Legislative •Council in the evening, and was read a first time. .-■" ; '"'• -. »