RURAL DEBTS

Gisborne Times, Volume LXXXII, Issue 12252, 6 April 1935, Page 5

RURAL DEBTS

- MANAGERS OF BOTH HOUSES REACH AGREEMENT. TAKING OVER, OP FARM , BANDS OR; MORTGAGOR. CLAUSE ALTERED. (Press Association). WELLINGTON, April 5. When the ,House resumed- at 2.30, Mr. Speaker reported that the managers of, the . House and... the Council had reached an agreement on the matters in dispute in,the-Rural Mortgagors Final Adjustment Bill, Clause 64, governing the conditions on which.,.the "mortgagee .may take over, the fartn lands of the mortgagor was considerably amended by the Legislative Council, ultimate .agreement made : between' the' two Hoiises resulted in tho clause reading as follows: !

“If the Court determines that the mortgagor shall not be entitled to continue in the nse and occupation of the farin' land, it may on tho aplication of any mortgagee, give that mortgagee the right to take over the -farm .land of the mortgagor, subject to all prior incumbrances, exclusive of any arrears or rates, taxes, interest or other charges, and subject to the condition that unless the payment of compensation would be a cause of undue hardship to tho mortgagee, he shall pay to ' tho mortgagor an amount of compensation as remuneration for his services during the operation of .the stay, order. The amount, if any, of such remuneration shall be fixed by the Court having regard to the financial position of the mortgagor and the mortgagee, and to the degrees of hardship suffered by them respectively.’’ Regarding the other clauses, said Mr. Speaker, the amendments were mainly of a verbal nature and were either agreed to or were not pressed. The report oE the managers was agreed to, and an adjournment was made. When the House resumed at 5.55; ]).in. 'members were informed that tho Administrator bad notified bis assent of the measures that had been passed. COUNCIL’S AMENDMENT NOT WEAKENED. ASSURANCE TO UPPER HOUSE. (Press Association. ) WELLINGTON, April 5. When the Legislative Council resumed at 2.30, the Hon. R. Masters tcported on the agreement reached fie tween the managers of both Houses on the Council’s amendments to the Rural Mortgagors’ Pinal Adjustment Bill. In answer tto interjections he assured tho Council that the compromise reached in respect of clause ,64 did not weaken the Council’s amendment,. The report of the managers was agreed to.