JUNE 18.] THE NEW ZEALAND GAZETTE. 1515

(7) Nothing in this regulation shall prevent or affect in any way
any transaction in respect of an advance made by any bank within
the meaning of the Banking Act, 1908, in good faith in the ordinary
course of business and on such security as the bank usually requires,
if the advance is repayable on demand.
(8) No such bank shall, without the consent of the Minister,
transfer any securities issued to it after the commencement of these
regulations in connection with any transaction of the kind specified
in the last preceding clause, except—
(a) By way of discharge, to the person to whom an advance
was made in pursuance of the terms of the transaction; or
(b) To a guarantor who, in pursuance of the terms of his
guarantee, has repaid to the bank the whole or part of
the moneys due to the bank under the transaction.
(9) No such bank shall, without the consent of the Minister,—
(a) Charge interest on any advance made by the bank and existing
at the date on which these regulations come into force
at a rate exceeding the rate of interest on the advance in
force on that date:
(b) Charge on any advance made by the bank after that date
interest at a rate exceeding the rate of interest charged
by the bank on that date in respect of similar advances
to its customers.
(10) Any sum charged as interest in contravention of the
provisions of the last preceding clause shall be a debt due by the
bank to which it was paid to the person by whom it was paid,
and may be recovered in any Court of competent jurisdiction.
(11) The interest payable on any advance made by a bank in
respect of any period after the commencement of these regulations
shall not exceed interest payable at the rate chargeable under
clause (9) of this regulation, and the remedies for enforcing any
covenant or agreement to pay interest on any such advances shall
be limited to enforcing payment of interest at the rate so
chargeable.

REGULATION 13.—POWER TO CONTROL ADVANCES FOR INDUSTRIAL PURPOSES.

(1) The Minister may from time to time, if it appears to him to be
necessary or expedient in the public interest so to do for the purpose
of extending, increasing, or maintaining the primary or secondary
production of New Zealand or for the purpose of any other works
of national importance,—
(a) Give such directions as the Minister thinks fit to any person
or class of persons for the time being carrying on the
business of lending money for the purpose of controlling the
general policy of that person or class of persons in relation
to the making, renewal, and increasing of advances:
(b) Give in respect of any advances made by any person or
class of persons carrying on that business such guarantee,
indemnity, or security, upon or subject to such terms and
conditions, as the Minister thinks fit.
(2) Any directions given by the Minister under this regulation
may be at any time in like manner revoked or varied.
(3) In the exercise of his functions under this regulation the
Minister shall have regard to any recommendations made by the
Bureau of Industry appointed under the Industrial Efficiency Act,
1936, or by the Primary Industries Controller appointed under
the Primary Industries Emergency Regulations 1939,* or by the
Emergency Finance Council appointed under these regulations.

REGULATION 14.—POWER TO REQUIRE CONTRIBUTIONS TO WAR-PURPOSES LOANS.

(1) If the Minister has reason to believe that any person has
not subscribed in due proportion to his means to any loan for the
time being authorized to be raised by the Minister for the purposes
of the War Expenses Account established under Part I of the
War Expenses Act, 1939 (hereinafter in this regulation referred to
as a war-purposes loan), the Minister may, by notice in writing

• Statutory Regulations 1939, Serial number 1939/164, page 728.