MORTGAGES EXTENSION

Nelson Evening Mail, Volume LIV, 22 March 1921, Page 5

MORTGAGES EXTENSION

AMENDMENT BILL SOME IMPORTANT PROVISIONS THE FINANCIAL STRINGENCY (By Telegraph.—Own Correspondent.) WELLINGTON, This Dav. One important clause contained in amendments to tlio Mortgages Extension Amendment Bill brought down by Governor’s Message last night referred to section 17 of the War Legislation Act, 1.917, which conferred on the Supreme Court jurisdiction to suspend or vary contracts affected by the mar. The war is over now, but tlioiinaiiji.il stringency is affecting contractors, and accordingly the provisions of .section 17 have been applied to present day requirements. As amended the clause reads, “Where on the application liy any party to a contract for the construction of any building or work or tor the supply of any materials for anv building or work or by any party to a contract by which the cuntsnndion of any building or work Is made a condition precede nt-jif any right, under the contract, or otherwise affect', the rights or obligations of parties to the contract, or hy any party to the fyntracb entitling any person u cut timber on any land or to remove limber from any land entered into before the first day of March. 1921, the Supreme Court or the lodge thereol, is..satisfied that owing to Hie prevention or restriction of or delay in the supply or delivery ol materials or diversion or insufficiency of labour, or disorganisation of markets or financial stringency occasioned hy nr consequent upon the late war with Germany. enforcement el contract according to its terms or its expiry by clFlucio!) of time would he cause of ■serious hardship, the Court- or Judge may, after considering all the eireum .stances of the case and the position of all the parties to the contract, and any offer which may have boon made by any party for variation of the contract or extension of term thereol. suspend, vary or annul the contract or extension of the terms thereof, or stay any proceedings for enforcement of the contract or any rights arising thereunder on such conditions, if anv, as the Court or Judge may think fit.”