§ Mr. WylieI beg to move Amendment No. 56, in page 23, line 24, after ' security ', insert:
' a bond and assignation in security, or bond of cash credit and disposition in security and a bond of cash credit and assignation in security '.The Amendment is self-explanatory. When this matter was raised in Committee the Under-Secretary said that he would consider it. It is a question whether the power to sell land by private bargain should be extended to the holders of the forms of security specified in the Amendment and not be confined to the creditor in a bond and disposition in security. There may be an explanation for this, but it was thought right to raise the matter again.
§ Mr. BuchanBonds and assignations in security are already covered. Clause 42(2) provides that Clause 29(2) is to apply for the purpose of construing Part III in this way.
The question of cash credits and dispositions is more difficult. We have consulted a good deal on this. We accept, in principle, that power of private sale should be given to creditors under bonds of cash credit and dispositions. One view is that these are already covered by the Clause. We are certain that the Clause should apply to such bonds. We would like to do a little more work on this and look at the matter again in another place.
§ Amendment, by leave, withdrawn.