MORTGAGES AND DEPOSITS
IMPORTANT AMENDMENTS. PROTECTION EXTENDED. (By Telegraph.—Special to Times.) WELLINGTON, Friday. The Mortgages and Deposits Extension Bill has been returned to the House by the Statutes Revision Committee in a much amended form. Tho protection to mortgagors given by the Act of 191'.) is extended until December 31, 1924, subject to various provisions and Uie minimum rate of interest on the mortgages extended under the new legislation is to be six and a-half per. cent. New provisions regarding deposits provide that firms and bodies holding money on deposit, if they take more money on deposit, must use it first for the repayment 3* old deposits; companies making debenture issues other than mortgage debentures to secure current accounts with the banks, must use the proceeds to meet the debts incurred by way of borrowings on deposit.
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Waikato Times, Volume 94, Issue 14829, 17 December 1921, Page 7
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137MORTGAGES AND DEPOSITS Waikato Times, Volume 94, Issue 14829, 17 December 1921, Page 7
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