(1)The [[High Court] [Substituted by Act 52 of 1953, Section 4, for " Court" .] may on the application of a banking company which is temporarily unable to meet its obligations make an order (a copy of which it shall cause to be forwarded to the Reserve Bank) staying the commencement or continuance of all actions and proceedings against the company for a fixed period of time on such terms and conditions as it shall think fit and proper, and may from time to time extend the period so, however, that the total period of moratorium shall not exceed six months.
