(1) If, during the progress of any action or matter pending before an inferior court of civil jurisdiction which has jurisdiction in equity conferred on it within the meaning of this Part, it shall be made to appear to the judge of such court that the subject-matter exceeds the limit in point of amount to which the jurisdiction of such court in equity is limited, it shall not affect the validity of any order already made, but it shall be the duty of such judge to direct the action or matter to be transferred to the Supreme Court, and the whole of the procedure in the said action or matter, when so transferred, shall be regulated by the Rules of Court under this Act: Provided always that it shall be lawful for any party to apply to a judge of the Supreme Court for an order authorizing and directing the action or matter to be carried on and prosecuted in the inferior court notwithstanding such excess, and the judge, if he shall deem it right to summon the other parties or any of them to appear before him for that purpose, after hearing such parties, or in default of the appearance of all or any of them, shall have full power to make such order.(2) The Court or a judge may (if the cause or matter is one which can be proceeded with in a district registry) by the order directing any such transfer, or at any time after the transfer, direct the cause or matter to be proceeded with in any district registry in which the cause or matter can be proceeded with.