MORTGAGES EXTENSION BILL.
AMENDMENTS MADE BY „ COMMITTEE.
[{By Wire.—Own Correspondent.)' Wellington, Last Night.
Several interesting amendments were made by the Statutes Revision Committee to the Mortgages Extension Bill,, which went through its final stages in the Legislative Council this afternoon, prior to presentation to the House of Representatives. The original proposal was that there should be re-enactment of the clauses of the Act of 1914, require ing the leave of the Supreme Court to enable a mortgagee to call up the principal sum, or exercise any of the powers conferred on him by the deed of mortgage. The revised Bill provides that if the mortgagor is given two months' formal notice in writing that the mortgagee proposes to exercise any such powers, and does not, within that period, lodge an objection in writing, the mortgagee may proceed to call up the principal, or exercise any of Ms powers without the leave of the Court. If the mortgagor objects the mortgagee may apply for the leave of the Court to proceed as under the Act of 1914.
An additional provision makes it cpmpeteut for the Supreme Court, on the application of either party, to extend the protection given by the measure to any mortgage for a further period of twelve months, that is to say, while the term of operation of the Bill is normally until December 31, 1920, the Court may order that its protection may apply to a specific mortgage until the end of 1921. The Court may make a similar order where the mortgagee has made an application for permission to call up the principal or to exercise any of his powers under the mortgage. Stipendiary Magistrates are given power to dispose of applications where the principal sum secured is less than £6OO.
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Taranaki Daily News, 11 October 1919, Page 4
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295MORTGAGES EXTENSION BILL. Taranaki Daily News, 11 October 1919, Page 4
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