New Zealand Gazette – 1916 – No. 90

Page 2808

✨ Banking Regulations

2808

THE NEW ZEALAND GAZETTE.

[No. 90

the limit of the note-issue of the bank independently of any public securities so hypothecated in the United Kingdom, and on such revocation the charge given by the bank over these public securities shall be released by the Minister of Finance.

So long as these regulations remain in force, section 13 of the New Zealand Bank Act, 1861, section 13 of the Bank of New South Wales Act, 1861, and section 13 of the National Bank of New Zealand (Limited) Act, 1873, shall have effect as if the references therein to coin, bullion, and public securities held by the Bank of New Zealand, the Bank of New South Wales, and the National Bank of New Zealand (Limited) respectively were references to coin, bullion, and public securities, within the meaning of these regulations, held by such bank either in New Zealand or in the United Kingdom.
In these regulations the term “public securities” means the public securities of the Government of New Zealand or of the United Kingdom, or of the Commonwealth of Australia or of any State of that Commonwealth.
So long as these regulations remain in force subsection (2) of section 2 of the Banking Amendment Act, 1914 (imposing conditions on the issue of Proclamations declaring bank-notes to be legal tender), shall be suspended and shall have no operation, and a Proclamation may be made under that section with respect to the notes of any bank if the Governor in Council is satisfied that the total amount of the notes issued or reissued in New Zealand by that bank and then in circulation is within the limit of the note-issue of that bank as determined by these regulations, and no such Proclamation shall be made unless the Governor in Council is so satisfied.

J. F. ANDREWS,
Clerk of the Executive Council.

By Authority: MARCUS F. MARKS, Government Printer, Wellington.