40Latent damage to property and economic loss

40 Latent damage to property and economic loss (1) Subject to subsection (2), if a person has a cause of action for latent damage to property or for economic loss in relation to such damage to property the court may— (a) if the court considers it just and reasonable to do so; and (b) whether or not the limitation period applicable to that cause of action has ended; and (c) whether or not an action for such damage or loss has been begun; extend the limitation period in relation to which an action on that cause of action may be brought for the further period not exceeding 15 years beginning on the day when the act or omission that gave rise to the cause of action occurred that the court considers appropriate.