EXTENSION OF MORTGAGES

New Zealand Herald, Volume LI, Issue 15687, 14 August 1914, Page 7

EXTENSION OF MORTGAGES

AN AMENDING BILL,

SAVING INSTITUTIONS.

A PROTECTING CLAUSE.

[BY TELEGRAPH.—SPECIAL CO)

Wellington*, Thursday. Some amendments to the Mortgages Extension Bill were brought down by Governor's Message in tho House of Representatives to-night. The Hon. A. L. Herdman explained the effect of the amendments. The most important of them dealt with leases containing compulsory purchasing clauses. Another new clause dealt with savings banks, building societies, and similar institutions, in which people wero in the habit of depositing money. Tho now clauso, ho said, would protect the societies from heavy and sudden demands for moneys so deposited. It would not, however, cover the case of money deposited at call. This clauso is aB follows - —

" So long as a stato of war exists in New Zealand, and for such period as may be prescribed by regulations hereunder, not exceeding six months after a state of war has ceased to exist, the Govornor-in-Council may, from time to time, as he thinks fit, by proclamation declare that moneys heretofore or hereafter deposited at interest with any savings bank, municipal corporation, building society, investment company, or public company, not being moneys deposited at call, shall not bo withdrawn by depositors, except subject to conditions and upon terms set forth in such proclamation. Any proclamation issued under this section may relate to one or more institutions or corporations, part of whose business it is to accopt deposits of money, or it may relate to such institutions or corporations generally, and may rolate to the whole or part only of the sums deposited."

Sir Joseph Ward generally approved the amendments, but suggested that policyholders in life assurance associations should also have some protection in cases where hardships prevented them paying their premiums. He thought that, for a limited time, at least, the industrial policies should bo kept alive.

Mr. Herdman, in reply, said it was impossible, in framing an original measure of this kind, to include all cases that might bo deemed worthy of assistance. The Government had endeavoured to take a broad view of the mat; er and, if necessary, the Bill would be further amended from time to time.

The amendment was agreed to.