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What is a moratorium?

What is a moratorium? Here are some definitions.

Noun
  1. (law) An authorization to a debtor, permitting temporary suspension of payments. [from 19th c.]
  2. A suspension of an ongoing activity. [from 20th c.]
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Examples
The club started selling shares two years ago and has imposed a moratorium of five years before any shares can be resold.
The moratorium on fishing for cod and witch flounder off the Grand Banks in the North Atlantic is a prime example.
After a long campaign by several environment groups, the International Whaling Commission imposes a moratorium on commercial whaling.
So if you decide to go with the moratorium, lemme know how it goes, but I won't be with you.
And to top it all, a moratorium on debt repayments will only postpone the inevitable into the future.
Last month, a group of councillors who do not love parking pads launched a strike that may lead to a moratorium on approvals.

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