Transfer of actions of contract or tort from district court to the Supreme Court

(1) Where there is commenced in a district court any action founded on contract or tort for the recovery of any penalty, expenses, contribution or other like demand, wherein the plaintiff claims a sum exceeding five thousand dollars but not exceeding fifteen thousand dollars, the defendant may, within such time as may be prescribed, give notice that he objects to the action being tried in that court and, where such a notice is given, the magistrate shall order that the action be transferred to the Supreme Court if, (a) the defendant gives security approved by the magistrate for the amount claimed and the costs of trial in the Supreme Court, not exceeding in the aggregate the sum of sixteen thousand dollars; and 17 (b) the magistrate certifies that in his opinion some important question of law or fact is likely to arise. (2) Any action so transferred shall be tried in the Supreme Court under and in accordance with the summary procedure of that Court.