MORTGAGES EXTENSION ACT

Dominion, Volume 12, Issue 257, 25 July 1919, Page 6

MORTGAGES EXTENSION ACT

■ STATEMENT BY A'iTOlUvEl'- ■ GENERAL. A statement was made yesterday by Sir Francis Bell (Attorney-General") regurdinjj the expiry of the Mortgages Extension Act, a matter which is causing numerous mortgagors, and some mortgagees, a good tteal of concern at present.

"The Mortgages Extension Act of 18141" said tliß Minister, "provides that the Act remains in force only during the state of war and for such period thereafter not exceeding six months as the fjovernor-in-C'ouncil thinks fit to order. But further, the Act is an expiring Act, the date for expiry l)sin» August 31 next. The Act, unless renewed liy Parliament, would wholly expire on August 31. But> in addition, to that statutory expiry, tho termination of the war would automatically put an end to the operation of the Act* unless the Governor-; n-Counril exercised his power of extension. For that reason an Ordcr-in-Council lias been gazetted extending the operation of the Act (whether tho war ends or not) until August 31, the dato of the statutory exj>l ry. But it is not the intention of the Government to allow the Act to expire, •and immediately after Parliament, meets tho Government will propose an extension of the Act for a further period, with certain modifications, to prevent tho exercise by mortgagees of the immediate calling in 'of the capital moneys invested on mortgage throughout Now Zealand.