(1) Where the court is satisfied that the terms of a frustrated contract or
the events which have occurred are such that, in respect of the contract:
(a)
Divisions 1 and 2 are manifestly inadequate or inappropriate,
(b) application
of Divisions 1 and 2 would cause manifest injustice, or
(c) application of
Divisions 1 and 2 would be excessively difficult or expensive,
the court may,
by order, exclude the contract from the operation of Divisions 1 and 2 and,
subject to subsection (8), may, by order, substitute such adjustments in money
or otherwise as it considers proper.
(2) Orders which the court may make
under subsection (1) include:
(a) orders for the payment of interest, and
(b)
orders as to the time when money shall be paid.
(3) In addition to its
jurisdiction under subsections (1) and (2), the Supreme Court or the District
Court may, for the purposes of this section, make orders for:
(a) the making
of any disposition of property,
(b) the sale or other realisation of
property,
(c) the disposal of the proceeds of sale or other realisation of
property,
(d) the creation of a charge on property in favour of any person,
(e) the enforcement of a charge so created,
(f) the appointment and
regulation of the proceedings of a receiver of property, and
(g) the vesting
of property in any person.
(4) Sections 78 and 79 of the Trustee Act 1925
apply to a vesting order, and to the power to make a vesting order, under
subsection (3).
(5) Section 78 (2) of the Trustee Act 1925 applies to a
vesting order under subsection (3) as if subsection (3) were included in the
provisions of Part 3 of that Act.
(6) In relation to a vesting order of the
District Court, sections 78 and 79 of the Trustee Act
1925 shall be read as if "Court" in those sections meant the District Court.
(7) Subsections (2) to (6) do not limit the generality of subsection (1).
(8)
This section does not authorise the Local Court to give a judgment otherwise
than for the payment of money.
