(1) The District Council may make regulations tor the regulation and control of money-lending or •ading within the District.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations ay-
(a) prescribe that no one except the holder of a licence issued in that behalf shall carry on the business of money-lending;
(b) prescribe the maximum rate of interest whxh may be charged or be recovered by a moneylender; "
(c) provide for the maintenance of accounts by money-lenders and for inspection of such accounts by officers appointed in that behalf by the District Council;
(d) prescribe that. no person who is not a member of Scheduled Tribe resident in the district shall carry on wholesale or retail business in any commodity except under a licence issued in that behalf by the District Council:
Provided tha no regulations may be made under this section unless they are passed by a majority of the total membership of the District Council:
Provided further that it shall not be competent under any such regulation to refuse the grant of a licence to a money-lender or a trader who has been carrying on business within the district since before the time of the making of such regulations.
(3) All regulations made as aforesaid shall come into effect upon their publication in the official Gazette.