THE MORATORIUM.

Taranaki Daily News, 27 September 1924, Page 4

THE MORATORIUM.

THE EXTENSIONS “KILLED." BILL RESTORED TO ORIGINAL. TRIBUNAL SYSTEM ALTERED. CHANGES IN THE UPPER HOUSE. (-By Wire —Parliamentary Reporter.) Wellington, Last Night. It was announced in the Legislative Council torday that the Mortgages rinal Extension Bill, which had been referred to the Statutes Revision Committee, had been restored in the main by the committee to its original form respecting the extension orders.

Clause 3j imposing a limitation of the time for notice of a motion, has been altered so that no extension order shadl be made unless notice o* motion is filed not later than December 81, 1924 (instead of December 31, 1920. as appeared in the Bill when it was sent to the committee).

A further amendment by the committee says that no order shall extend the due date later than December 31, 1926, (instead of March, 1927). It is proposed that the restrictions on the rights of mortgagees shall cease on December 31, 1924 (instead of July, lv_ .. Clause 11 provides for the reduction of interest from fij per cent, to fl per eent. No alteiution is proposed by the committee in that respect, but an alteration has -been made to sub-clause 5 to prevent the provision from being retrospective.

A new clause Inserted by the committee deals with the question of the tribunals before whidh applications will be heard. It is provided that an application m'ay be referred by a judge to a magistrate or other person. If the principal sum does not exceed £lOOO it may be referred by order of a jisdge to a magistrate without application by or hearing of any party. If the sum exceeds £lOOO, it may .be referred to a magistrate by a judge after hearing an application to that effect, and in any case, it may be referred by order of the judge to any person to whom the mortgagor and mortgagee may agree In writing that the determination of the motion should be referred to.