Financial Bill Reshapes Interest Rules Across Mortgages and Shares
A government bill proposes cuts of 22.5 percent or a floor of 5 percent on mortgage and preference share interest, with court routes for creditors to seek modifications or exclusions. The act also empowers courts to reopen hire purchase contracts to adjust payments, penalties, and interest, while protecting lessees from excess charges. The measure extends to rights of creditors in multi creditor cases and outlines procedures for contracts involving land or goods, aiming to rehabilitate financial obligations as part of a broader Premier Lang backed plan. The bill details remedies, hearings, and adjustments to align with new rate ceilings and economic relief goals.
MENTIONED IN THIS ARTICLE
Mr. Lang
Toll and Tax for Harbour Bridge Cost Gap
The expert committee estimates final harbour bridge cost at £9,900,000 up from £9,750,000. To cover the £150,000 deficit they propose a toll and extending a 6 1/4d per pound betterment tax on expanded areas. Current funding splits leave railways contributing £500,000 annually with £10,000 admin costs. The toll would yield about £120,000 yearly, necessitating further measures.
MENTIONED IN THIS ARTICLE
Davidson
Railway Commissioners
Cabinet set to consider draft remittance recommendations
A draft bill embodying remittance recommendations would be presented to a Cabinet meeting in the coming weeks. Extending the ratable area could raise about Se 600, added to toll proceeds to cover interest and sinking fund.
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J. O'Neill of. Miss L. Davis and B. Veness
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