BILLS OF EXCHANGE ORDINANCE

BILLS OF EXCHANGE ORDINANCE

LAWS OF HONG KONG

BILLS OF EXCHANGE ORDINANCE

CHAPTER 19





CHAPTER 19.
BILLS OF EXCHANGE ORDINANCE.

ARRANGEMENT OF SECTIONS.

Section. ..................... Page.
PART 1.
PRELIMINARY PROVISIONS.

I. Short title............................. ... ... .... ... ... ... 5

2. Interpretation........................ ... ... ... ... ... 5

PART 11.

BELLS OF EXCHANGE

Form and Interpretation.

3.Definition of bill of exchange ... ... ... ... 6

4. Inland and foreign bills ................... ... ... ... ... ... ... 6

5. Effect where different parties to bill are the same person ... ... 6

6. Address to drawee .......................... ... ... ... ... ... 7

7. Certainty required as to payee ............. ... ... ... ... ... 7

8. What bills are negotiable .................. ... ... ... ... ... 7

9. Sum payable ................................ ... ... ... ... ... 7

10.Bill payable on demand ..... ... ... ... ... ... ... ... ... ... 8
11.Bill payable at future time ... ... ... ... ... ... ... ... 8

12.Omission of date in bill payable after date ... ... ... ... ... 8

13.Ante-dating and post-dating ... ... ... ... ... ... ... ... ... 8
14.Computation of time of payment ... ... ... ... ... ... ... ... 9

15.Referee in case of need .... ... ... ... ... ... ... ... ... ... 9

16.Optional stipulations by drawer or indorser ... ... ... ... ... 9

17.Definition and requisites of acceptance ... ... ... ... ... ... 10

18.Time for acceptance ..... ... ... ... ... ... ... ... ... ... 10

19.General and qualified acceptance ... ... ... ... ... ... ... ... 10

20.Inchoate instruments .... ... ... ... ... ... ... ... ... ... 10

21Delivery ....................... ... ... ... ... ... ... ... ... 11

Capacity and authority of parties.

22.Capacity of parties .......... ... ... ... ... ... ... ... ... ... 11
23.Signature essential to liability .12

24.Forged or unauthorized signature ... ... ... ... ... ... ... ... 12

25.Procuration signature ... ... ... ... ... ... ... ... ... ... ... 12

26.Person signing as agent or in representative capacity ... ... ... ... ... 12










Section.................................... 1 Page.
Consideration for bill.

27.Value and holder for value . ... ... ... ... ... ... ... ... ... 12

28.Accommodation party .... ... ... ... ... ... ... ... ... ... 13
29.Holder in due course .... ... ... ... ... ... ... ... ... 13

30.Presumption of value and good faith .... ... ... ... ... ... ... 13

Negotiation of bill.

31.Negotiation of bill ........... ... ... ... ... ... ... ... ... 14

32.Requisites of valid indorsement ......... ... ... ... ... ... ... 14

33.Conditional indorsement ... ... ... ... ... ... ... ... ... ... 15

34.Indorsement in blank and special indorsement ... ... ... ... ... 15

35.Restrictive indorsement ... ... ... ... ... ... ... ... ... ...
is
36.Negotiation of overdue or dishonoured bill ... ... ... ... ... 15
37.Negotiation of bill to party already liable thereon ... ... ... ... 16

38.Rights and powers of holder ................ ... ... ... ... ... 16

General duties of the holder.

39.When presentment for acceptance is necessary ... ... ... ... 16

40.Time for presenting bill payable after sight ... ... ... ... ... 17

41.Rules as to presentment for acceptance, and excuses for non-present-
ment .................................... ... ... ... ... ... ... 17
42.Non-acceptance ................ ... ... ... ... ... ... ... ... ... 17

43.Dishonour by non-acceptance and its consequences ... ... ... 18

44.Duties as to qualified acceptances ... ... ... ... ... ... ... 18
45.Rules as to presentment for payment ... ... ... ... ... ... ... 18

46.Excuses for delay or non-presentment for payment ... ... ... 19

47.Dishonour by non-payment ... ... ... ... ... ... ... ... ... 20

48.Notice of dishonour and effect of non-notice ... ... ... ... ... 20

49.Rules as to notice of dishonour ... ... ... ... ... ... ... ... 20
50.Excuses for non-notice and delay ... ... ... ... ... ... ... ... 22

51.Noting or protest of bill ... ... ... ... ... ... ... ... ... ... 23

52.Duties of holder as regards drawee or acceptor ... ... ... ... 24

Liabilities of parties.

53.Funds in hands of drawee ... ... ... ... ... ... ... ... ... 24

54.Liability of acceptor ... ... ... ... ... ... ... ... ... ... 24
55.Liability of drawer or indorser 25

56.Stranger signing bill liable as indorser 25


57.Measure of damages against parties to dishonoured bill ... ... 25
58.Transferor by delivery and transferee 26





Section...................................... Page.

Discharge of bill.

59.Payment in due course . 1. . . ... ... ... ... ... ... ... 26

60. Banker paying demand draft whereon indorsement is forged ... 26

61.Acceptor the holder at maturity ... ... ... ... ... ... ... ... 27

62.Express waiver ................. ... ... ... ... ... - . ... 27
63.Cancellation .................. . ... ... ... ... ... ... ... 27
64.Alteration of bill ............. ... ... ... ... ... ... ... ... 27

Acceptance and payment for honour.

65.Acceptance for honour supra protest ... ... ... ... ... ... ... 28

66.Liability of acceptor for honour ... ... ... ... ... ... ... ... 28
67.Presentment to acceptor for honour ... - ... ... ... ... 28
68.Payment for honour supra protest ... ... ... ... ... ... ... 29

Lost instrument.

69.Holder's right to duplicate of lost bill .. ... ... ... ... ... 29

70.Action on lost bill .......... ... ... ... ... ... ... ... ... 29

Bill in a set.

71.Rules as to bill in set ... ... ... ... ... ... ... ... ... ... 30

Conflict of laws.

72.Rules where laws conflict ... ... ... ... ... ... ... ... ... 30

PART Ill.
CHEQUES ON A
BANKER
73.Definition of cheque ....... ... ... ... ... ... ... ... ... ... 31

74.Presentment of cheque for payment ... ... ... ... ... ... ... 31
75.Revocation of banker's authority ... ... ... ... ... ... ... 32

Crossed cheques.
76.Definition of general and special crossings ... ... ... ... ... 32

77.Crossing by drawer or after issue ... ... ... ... ... ... ... ... 32

78.Crossing a material part of cheque ... ... ... ... ... ... . 32

79.Duties of banker as to crossed cheque ... ... ... ... ... ... 33

80.Protection to banker and drawer where. cheque is crossed ... ... 33

81.Effect of crossing on holder ... ... ... ... ... ... ... ... 33

82.Drafts on bankers payable to order on demand sufficient authority for

payment without proof of indorsement ..... ... ... ... ... ... 33

83. Protection of bankers paying unindorsed. or irregularly indorsed

cheques, etc . ........................... ... ... ... ... ... ... 34







84.Rights of bankers collecting cheques not indorsed by holders ... 34





Section...................................... Page

85. Unindorsed cheques as evidence of payment ... ... ... ... ... 34

86. Protection of bankers collecting payment of cheques, etc . ... ... 34

87. Application of provisions of this part to instruments not being bills of

exchange ............................ ... ... ... ... ... ... ... 35

88.Saving ........................ ... ... ... ... ... ... ... ... ... 35

PART W.
PROMISSORY NOTES.

89.Definition of promissory note ... ... ... ... ... ... ... ... 35

90.Delivery necessary ........... ... ... ... ... ... ... ... ... ... 35
91.Joint and several notes ... ... ... ... ... ... ... ... ... ... ... 36

92.Note payable on demand ... ... ... ... ... ... ... ... ... 36
93.Presentment for payment ... ... ... ... ... ... ... ... ... 36

94.Liability of maker ........... ... ... ... ... ... ... ... ... ... 36

95.Application of Part II to notes ... ... ... ... ... ... ... ... 36

PART V.
SUPPLEMENTARY.

96.Good faith .................. ... ... ... ... ... ... ... ... 37
97.Signature ................... ... ... ... ... ... ... ... r. 37

98.Computation of time........................ ... ... ... ... ... ... 37

99.When noting equivalent to protest ............ ... ... ... ... 37
100.Protest when notary not accessible ... ... ... ... ... ... ... 37

101.Crossing of dividend warrant ... ... ... ... ... ... ... ... 38

102.Saying ............................. ... ... ... ... ... ... ... ... 38

Schedule. Form of protest, without notary...... ... ... ... ... ... ... ... 38





CHAPTER 19.

BILLS OF EXCHANGE.

Tocodify the law relating to bills of exchange, cheques and
promissory notes.

[4th May. 1885.]

PART I.

(Added, 51 of 1911, and 63 of 1911, Schedule)

PRELIMINARY
PROVISIONS.

1. This Ordinance may be cited as the Bills of Exchange Ordinance.

(Amended, 5 of 1924, s. 6)

2. In this Ordinance, unless the context otherwise requires

'acceptance' means an acceptance completed by delivery or
notification;

'action'' means action or suit and includes counterclaim and set-off;

'banker' includes a body of persons, whether incorporated or not, who
carry on the business of banking.,

'bankrupt' includes any person whose estate is vested in a trustee or
assignee under the law relating to bankruptcy, (Amended, 50 of
1911, and 62 of 1911, Schedule)

'bearer' means the person in possession of a bill or note which is
payable to bearer;

'bill' means bill of exchange, and 'note' means promissory note;

'delivery' means transfer of possession. actual or constructive, from
one person to another;

'general holiday' has the same meaning as in the Holidays Ordinance;
(Added, 5 of 1912, s. 8)

'holder' means the payee or indorsee of a bill or note who is in
possession of it. or the bearer thereof;

'indorsement' means an indorsement completed by delivery;

'issue' means the first delivery of a bill or note, complete in form, to a
person who takes it as a holder;

'person' includes a body of persons, whether incorporated or not;

value means valuable consideration.

(Amended, 43 of 1912, Schedule)





PART 11.

(Amended, 51 of 1911, and 63 of 1911, Schedule)

BILLS OF EXCHANGE

Form and Interpretation.

3. (1) A bill of exchange is an unconditional order in writing,
addressed by one person to another, signed by the person giving it.
requiring the person to whom it is addressed to pay on demand or at a
fixed or determinable future time a sum certain in money to, or to the
order of, a specified person or to bearer.

(2) An instrument which does not comply with these conditions. or
which orders any act to be done in addition to the payment of money, is
not a bill of exchange.

(3) An order to pay out of a particular fund is not unconditional
within the meaning of this section; but an unqualified order to pay.
coupled with

(a)an indication of a particular fund out of which the drawee is to
reimburse himself or a particular account to be debited with
the amount; or

(b)a statement of the transaction which gives rise to the bill,

is unconditional.

(4)A bill is not invalid by reason-

(a)that it is not dated;

(b)that it does not specify the value given or that any value has
been given therefor;

(c)that it does not specify the place where it is drawn or the place
where it is payable.

4. (1) An inland bill is a bill which is or on the face of it purports to
be

(a)both drawn and payable within the Colony; or

(b)drawn within the Colony, upon some person resident therein.

(2)Any other bill is a foreign bill.

(3) Unless the contrary appears on the face of the bill, the holder
may treat it as an inland bill.

5. (1) A bill may be drawn payable to, or to the order of. the drawer;
or it may be drawn payable to, or to the order of, the drawee.

(2) Where, in a bill, drawer and drawee are the same person, or
where the drawee is a fictitious person or a person not having





capacity to contract, the holder may treat the instrument, at his option,
either as a bill of exchange or as a promissory note.

6. (1) The drawee must be named or otherwise indicated in a bill
with reasonable certainty.

(2) A bill may be addressed to two or more drawees, whether they
are partners or not, but an order addressed to two drawees in the
alternative, or to two or more drawees in succession, is not a bill of
exchange.

7. (1) Where a bill is not payable to bearer, the payee must be
named or otherwise indicated therein with reasonable certainty.

(2) A bill may be made payable to two or more payees jointly, or it
may be made payable in the alternative to one of two or one or some of
several payees. A bill may also be made payable to the holder of an
office for the time being.

(3) Where the payee is a fictitious or non-existing person, the bill
may be treated as payable to bearer.

8. (1) Where a bill contains words prohibiting transfer, or indicating
an intention that it should not be transferable, it is valid as between the
parties thereto, but is not negotiable.

(2) A negotiable bill may be payable either to order or to bearer.

(3) A bill is payable to bearer which is expressed to be so payable,
or on which the only or last indorsement is an indorsement in blank.

(4) A bill is payable to order which is expressed to be so payable,
or which is expressed to, be payable to a particular person, and does not
contain words prohibiting transfer or indicating an intention that it
should not be transferable.

(5) Where a bill. either originally or by indorsement, is expressed to
be payable to the order of a specified person, and not to him or his order,
it is nevertheless payable to him or his order -at his option.

9. (1) The sum payable by a bin is a sum certain within the meaning
of this Ordinance, although it is required to be paid

(a)with interest;

(b)by stated instalments;

(c)by stated instalments, with a provision that upon default m
payment of any instalment, the whole shall become due;





(d)according to an indicated rate of exchange or according to a
rate of exchange to be ascertained as directed by the bill.

(2) Where the sum payable is expressed in words and also in
figures, and there is a discrepancy between the two, the sum denoted
by the words is the amount payable.

(3) Where a bill is expressed to be payable with interest, unless the
instrument otherwise provides, interest runs from the date of the bill,
and, if the bill is undated, from the issue thereof.

10.(1) A bill is payable on demand-

(a)which is expressed to be payable on demand. or at sight, or on
presentation; or

(b)in which no time for payment is expressed.

(2) Where a bill is accepted or indorsed when it is overdue. it shall,
as regards the acceptor who so accepts or any indorser who so indorses
it. be deemed a bill payable on demand.

11. (1) A bill is payable at a determinable future time within the
meaning of this Ordinance which is expressed to be payable

(a)at a fixed period after date or sight;

(b)on or at a fixed period after the occurrence of a specified event
which is certain to happen, though the time of happening may
be uncertain.

(2) An instrument expressed to be payable on a contingency is not
a bill, and the happening of the event does not cure the defect.

12. Where a bill expressed to be payable at a fixed period after date
is issued undated. or where the acceptance of a bill payable at a fixed
period after sight is undated, any holder may insert therein the true date
of issue or acceptance. and the bill shall be payable accordingly:

Provided that

(a)where the holder in good faith and by mistake inserts a wrong
date; and

(b)in every case where a wrong date is inserted,

if the bill subsequently comes into the hands of a holder in due course,
the bill shall not be avoided thereby, but shall operate and be payable as
if the date so inserted had been the true date.

13. (1) Where a bill or an acceptance or any indorsement on a bill is
dated. the date shall, unless the contrary is proved, be deemed to be the
true date of the drawing, acceptance, or indorsement, as the case may
be.





(2) A bill is not invalid by reason only that it is ante-dated or post-
dated, or that it bears date on a Sunday or any other general holiday.
(Amended, 5 of 1912, s. 8)

14. Where a bill is not payable on demand, the day on which it falls
due is determined as follows

(a)three days, called days of grace, are, in every case where the
bin itself does not otherwise provide, added to the time of
payment as fixed by the bill, and the bill is due and payable on
the last day of grace:

Provided that-

(i) when the last day of grace is a general holiday other er
than Sunday, Christmas Day or Good Friday, or when the last
day of grace and also the second day of grace are general
holidays the bill is due and payable on the succeeding
business day;

(ii) when the last day of grace falls on a Sunday,

Christmas

Day or Good Friday which is not immediately precede by
another general holiday the bill is due and payable on the
preceding business day; (Amended, 5 of 1912, s. V

(b)where a bill is payable at a fixed period after date, after sight,
or after the happening of a specified event. the time of
payment is determined by excluding the day from which the
time is to begin to run and by including the day of payment;

(c)where a bill is payable at a fixed period after sight, the time
begins to run from the date of the acceptance if the bill is
accepted, and from the date of noting or protest if the bill is
noted or protested for non-acceptance or for non-delivery;

(d)the term 'month' in a bill means calendar month.

15. The drawer of a bill and any indorser may insert therein the
name of a person to whom the holder may resort in case of need, that is
to say, in case the bill is dishonoured by nonacceptance or non-
payment. Such person is called the referee in case of need. It is in the
option of the holder to resort to the referee in case of need or not, as he
may think fit.

(i) other when

16. The drawer of a bill and any indorser may insert therein an
express stipulation

(a) negativing or limiting his own liability to the holder.,

(b)waiving. as regards himself, some or all of the holder's duties.





17. (1) The acceptance of a bill is the signification by the drawee of
his assent to the order of the drawer.

(2) An acceptance is invalid unless it complies with the following
conditions, namely

(a)it must be written on the bill and be signed by the drawee. The
mere signature of the drawee, without additional words, is
sufficient;

(b)it must not express that the drawee will perform his promise by
any other means than the payment of money.

ILL(1) A bill may be accepted-

(a)before it has been signed by the drawer, or while otherwise
incomplete;

(b)when it is overdue, or after it has been dishonoured by a
previous refusal to accept or by non-payment.

(2) When a bill payable after sight is dishonoured by
nonacceptance, and the drawee subsequently accepts it, the holder. in
the absence of any different agreement is entitled to have the bill
accepted as of the date of first presentment of the drawee for
acceptance.

(Amended, 51 of 1911, and 63 of 1911, Schedule)

19.(1) An acceptance is either (a) general; or (b) qualified.

(2) A general acceptance assents without qualification to the order
of the drawer. A qualifled acceptance in express terms varies the effect
of the bill as drawn.

(3)In particular, an acceptance is qualified which is-

(a)conditional, that is to say, which makes payment by the
acceptor dependent on the fulfilment of a condition therein
stated;

(b)partial, that is to say. an acceptance to pay part only of the
amount for which the bill is drawn;

(c)local, that is to say, an acceptance to pay only at a particular
specified place; an acceptance to pay at a particular place is a
general acceptance, unless it expressly states that the bill is to
be paid there only and not elsewhere;

(d)qualified as to time;

(ethe acceptance of some one or more of the drawees, but
not of all.

20. (1) Where a simple signature on a blankl stamped paper is
delivered by the signer in order that it may be converted into a bill, it
operates as a prima facie authority to fill it up as a complete





bill for any amount the stamp will cover, using the signature for that of
the drawer, or the acceptor, or an indorser, and, in like manner, when a
bill is wanting in any material particular, the person in possession of it
has a prima facie authority to fill up the omission in any way he thinks
fit.

(2) In order that any such instrument, when completed, may be
enforceable against any person who became a party thereto prior to its
completion, it must be filled up within a reasonable time and strictly in
accordance with the authority given. Reasonable time for this purpose is
a question of fact: Provided that if any such instrument after completion
is negotiated to a holder in due course. it shall be valid and effectual for
all purposes in his hands, and he may enforce it as if it had been filled
up within a reasonable time and strictly in accordance with the authority
given.

21. (1) Every contract on a bill, whether it is the drawer's, the
acceptor's or an indorser's, is incomplete and revocable, until delivery of
the instrument in order to give effect thereto:

Provided that where an acceptance is written on a bill, and the
drawee gives notice to or according to the directions of the person
entitled to the bill that he has accepted it, the acceptance then becomes
complete and irrevocable.

(2) As between immediate parties, and as regards a remote party
other than a holder in due course, the delivery

(a)in order to be effectual, must be made either by or under the
authority of the party drawing. accepting, or indorsing, as the
case may be;

(b)may be shown to have been conditional or for a special
purpose only. and not for the purpose of transferring the
property in the bill;

but if the bill is in the hands of a holder in due course, a valid delivery
of the bill by all parties prior to him, so as to make them liable to him, is
conclusively presumed.

(3) Where a bill is no longer in the possession of a party who has
signed it as drawer, acceptor, or indorser, a valid and unconditional
delivery by him is presumed until the contrary is proved.

Capacity and authority of parties.

22. (1) Capacity to incur liability as a party to a bill is coextensive
with capacity to contract:

Provided that nothing in this section shall enable a corporation to
make itself liable as drawer, acceptor, or indorser of a bill unless it is
competent to it to do so under the law relating to corporations.
(Amended, 50 of 1911, and 62 of 1911, Schedule)





(2) Where a bill is drawn or indorsed by an infant. minor, or
corporation having no capacity or power to incur liability on a bill, the
drawing or indorsement entitles the holder to receive payment of the bill.
and to enforce it against any other party thereto.

23. No person is liable as drawer, indorser, or acceptor of a bill who
has not signed it as such:

Provided that

(a)where a person signs a bill in a trade or assumed name, he is
liable thereon as if he had signed it in his own name;

(b)the signature of the name of a firm is equivalent to the
signature by the person so signing of the names of all persons
liable as partners in that firm.

24. Subject to the provisions of this Ordinance, where a signature
on a bill is forged or placed thereon without the authority of the person
whose signature it purports to be, the forged or unauthorized signature
is wholly inoperative. and no right to retain the bill, or to give a
discharge therefor, or to enforce payment thereof against any party
thereto can be acquired through or under that signature, unless the
party against whom it is sought to retain or enforce payment of the bill
is precluded from setting up the forgery or want of authority:

Provided that nothing in this section shall affect the ratification of
an unauthorized signature not amounting to a forgery.

25. A signature by procuration operates as notice that the
agent has but a limited authority to sign, and the principal is only
bound by such signature if the agent in so signing was acting
within the actual limits of his authority +c

26. (1) Where a person signs a bill as drawer, indorser, or acceptor,
and adds words to his signature, indicating that he signs for or on.
behalf of a principal or in a representative character, he is not personally
liable thereon; But the mere addition to his signature of words
describing him as an agent. or as filling a representative character, does
not exempt him from personal liability.

(2) In determining whether a signature on a bill is that of the
principal or that of the agent by whose hand it is written, the
construction most favourable to the validity of the instrument shall be
adopted.

A Consideration for bill.

27. (1) Valuable consideration for a bill may be constituted by

(a) any consideration sufficient to support a simple contract;





(b)an antecedent debt or liability. Such a debt or liability is
deemed valuable consideration whether the bill is payable on
demand or at a future time.

(2) Where value has at any time been given for a bill, the holder is
deemed to be a holder for value as regards the acceptor and all parties to
the bill who became parties prior to such time.

(3) Where the holder of a bill has a lien on it. arising either from
contract or by implication of law. he is deemed to be a holder for value to
the extent of the sum for which he has a lien.

28 (1) An accommodation party to a bill is a person who has signed
a bill as drawer, acceptor, or indorser, without receiving value therefor,
and for the purpose of lending his name to some other person.

(2) An accommodation party is liable on the bin to a holder for
value; and it is immaterial whether, when such holder took the bill, he
knew such party to be an accommodation party or not.

29. (1) A holder in due course is a holder who has taken a bill,
complete and regular on the face of it, under the following conditions,
namely

(a)that he became the holder of it before it was overdue, and
without notice that it had been previously dishonoured, if
such was the fact;

(is)that he took the bill in good faith and for value, and that at the
time the bill was negotiated to him he had no notice of any
defect in the title of the person who negotiated it.

(2) In particular. the title of a person who negotiates a bill is
defective within the meaning of this Ordinance when he obtained the
bill, or the acceptance thereof, by fraud, duress, or force and fear, or
other unlawful means, or for an illegal consideration, or when he
negotiates it in breach of faith or in such circumstances as amount to a
fraud.

(3) A holder (whether for value or not) who derives his title to a bill
through a holder in due course, and who is not himself a party to any
fraud or illegality affecting it, has all the rights of that holder in due
course as regards the acceptor and all parties to the bill prior to that
holder.

30. (1) Every party whose signature appears on a bill is prima facie
deemed to have become a party thereto for value.

(2) Every holder of a bill is prima facie deemed to be a holder in due
course; but if, in an action on a bill, it is admitted or proved that the
acceptance. issue, or subsequent negotiation of the bill is affected with
fraud, duress, or force and fear, or illegality,





the burden of proof is shifted unless and until the holder proves that
subsequent to the alleged fraud or illegality, value has in good faith
been given for the bill.

Negotiation of MU.

31. (1) A bill is negotiated when it is transferred from one person to
another in such a manner as to constitute the transferee the holder of
the bill.

(2)A bill payable to bearer is negotiated by delivery.

(3) A bill payable to order is negotiated by the indorsement of the
holder completed by delivery.

(4) Where the holder of a bill payable to his order transfers it for
value without indorsing it, the transfer gives the transferee such title as
the transferor had in the bill, and the transferee in addition acquires the
right to have the indorsement of the transferor.

(5) Where any person is under obligation to indorse a bill in a
representative capacity, he may indorse the bill in such terms as to
negative personal liability.

32. An indorsement in order to operate as a negotiation must
comply with the following conditions, namely

(a)it must be written on the bill itself and be signed by the
indorser. The simple signature of the indorser on the bill,
without additional words, is sufficient. An indorsement written
on an allonge, or on a 'copy' of a bill issued or negotiated in
a country where 'copies' are recognized, is deemed to be
written on the bill itself,

(b)it must be an indorsement of the entire bill. A partial
indorsement, that is to say, an indorsement which purports to
transfer to the indorsee a part only of the amount payable, or
which purports to transfer the bill to two or more indorsees
severally, does not operate as a negotiation of the bill,

(c)where a bill is payable to the order of two or more payees or
indorsees who are not partners, all must indorse, unless the
one indorsing has authority to indorse for the others;

(d)where, in a bill payable to order, the payee or indorsee is
wrongly designated or his name is mis-spelt he may indorse
the bill as therein described, adding. if he thinks fit, his proper
signature;

(e)where there are two or more indorsements on a bill, each
indorsement is deemed to have been made in the order in
which it appears on the bill, until the contrary is proved;

(f)an indorsement may be made in blank or special. It may also
contain terms making it restrictive.





33. Where a bill purports to be indorsed conditionally, the
condition may be disregarded by the payer, and payment to the indorsee
is valid whether the condition has been fulfilled or not.

34. (1) An indorsement in blank specifies no indorsee, and a bill so
indorsed becomes payable to bearer.

(2) A special indorsement specifies the person to whom, or to
whose order, the bill is to be payable.

(3) The provisions of this Ordinance relating to a payee apply, with
the necessary modifications, to an indorsee under a special indorsement.

(4) When a bill has been indorsed in blank, any holder may convert
the blank indorsement into a special indorsement by writ- above the
indorser's signature a direction to pay the bill to or to the order of
himself or some other person.

35. (1) An indorsement is restrictive which prohibits the further
negotiation of the bill or which expresses that it is a mere authority to
deal with the bill as thereby directed and not a transfer of the ownership
thereof, as, for example, if a bill is indorsed ---PayD only,' or---PayD for
the account of X,' or 'Tay D or order for collection.'

(2) A restrictive indorsement gives the indorsee the right to receive
payment of the bill and to sue any party thereto that his indorser could
have sued, but gives him no power to transfer his rights as indorsee,
unless it expressly authorizes him to do so.

(3) Where a restrictive indorsement authorizes further transfer, all
subsequent indorsees take the bill with the same rights and subject to
the same liabilities as the first indorsee under the restrictive
indorsement.

36. (1) Where a bill is negotiable in its origin, it continues to be
negotiable until it has been

(a) restrictively indorsed; or

(b) discharged by payment or otherwise.

(2) Where an overdue bill is negotiated, it can only be negotiated
subject to any defect of title affecting it at its maturity, and
thenceforward no person who takes it can acquire or give a better title
than that which the person from whom he took it had.

(3) A bill payable on demand is deemed to be overdue, within the
meaning and for the purposes of this section, when it appears on the
face of it to have been in circulation for an unreasonable length of time.
What is an unreasonable length of time for this purpose is a question of
fact.





(4) Except where an indorsement bears date after the maturity of the
bill. every negotiation is prima facie deemed to have been effected
before the bill was overdue.

(5) Where a bill which is not overdue has been dishonoured. any
person who takes it with notice of the dishonour takes it subject to any
defect of title attaching thereto at the time of dishonour, but nothing in
this subsection shall affect the rights of a holder in due course.

37. Where a bill is negotiated back to the drawer, or to a prior
indorser, or to the acceptor. such party may. subject to the provisions of
this Ordinance. reissue and further negotiate the bill, but he is not
entitled to enforce payment of the bill against any intervening party to
whom he was previously liable.

38. The rights and powers of the holder of a bill are as follows

(a) he may sue on the bill in his own name;

(b)where he is a holder in due course, he holds the bill free from
any defect of title of prior parties, as well as from mere
personal defences available to prior parties among
themselves, and may enforce payment against all parties liable
on the bill;

(c) where his title is defective-

(i) if he negotiates the bill to a holder in due course, that
holder obtains a good and complete title to the bill; and

(ii) if he obtains payment of the bill, the person who pays
him in due course gets a valid discharge for the bill.

General duties of the holder.

39. (1) Where a bill is payable after sight, presentment for
acceptance is necessary in order to fix the maturity of the instrument.

(2) Where a bill expressly stipulates that it shall be presented for
acceptance, or where a bill is drawn payable elsewhere than at the place
of business or residence of the drawee, it must be presented for
acceptance before it can be presented for payment.

(3) In no other case is presentment for acceptance necessary in
order to render liable any party to the bill.

(4) Where the holder of a bill, drawn payable elsewhere than at the
place of business or residence of the drawee, has not time, with the
exercise of reasonable diligence, to present the bill for acceptance
before presenting it for payment on the day that it falls due, the delay
caused by presenting the bill for acceptance before presenting it for
payment is excused, and does not discharge the drawer and indorsers.





40. (1) Subject to the provisions of this Ordinance, when a bill
payable after sight is negotiated, the holder must either present it for
acceptance or negotiate it within a reasonable time.

(2) If he does not do so. the drawer and all indorsers prior to that
holder are discharged.

(3) In determining what is a reasonable time within the meaning of
this section, regard shall be had to the nature of the bill, the usage of
trade with respect to similar bills, and the facts of the particular case.

41. (1) A bill is duly presented for acceptance which is presented in
accordance with the following rules

(a)the presentment must be made by or on behalf of the holder to
the drawee, or to some person authorized to accept or refuse
acceptance on his behalf, at a reasonable hour on a business
day and before the bill is overdue,

(b)where a bill is addressed to two or more drawees, who are not
partners. presentment must be made to them all, unless one
has authority to accept for all, then presentment may be made
to him only;

(c)where the drawee is dead, presentment may be made to his
personal representative;

(d)where the drawee is bankrupt, presentment may be made to
him or to his trustee or assignee;

(c)where authorized by agreement or usage, a presentment
through the Post Office is sufficient.

(2) Presentment in accordance with these rules is excused, and a bill
may be treated as dishonoured by non-acceptance

(a)where the drawee is dead or bankrupt or is a fictitious person
or a person not having capacity to contract by bill;

(b)where, after the exercise of reasonable diligence, such
presentment cannot be effected;

(c)where, although the presentment has been irregular.
acceptance has been refused on some other ground.

(3) The fact that the holder has reason to believe that the bill, on
presentment, will be dishonoured does not excuse presentment.

42. When a bill is duly presented for acceptance and is not
accepted within the customary time. the person presenting it must treat
it as dishonoured by non-acceptance. If he does not, the holder shall
lose his right of recourse against the drawer and indorsers.





43.(1) A bill is dishonoured by non-acceptance

(a)when it is duly presented for acceptance, and such an
acceptance as is prescribed by this Ordinance is refused or
cannot be obtained. or

(b)when presentment for acceptance is excused and the bill is not
accepted.

(2) Subject to the provisions of this Ordinance, when a bill is
dishonoured by non-acceptance, an immediate right of recourse against
the drawer and indorsers accrues to the holder, and no presentment for
payment is necessary.

44. (1) The holder of a bill may refuse to take a qualified acceptance.
and. if he does not obtain an unqualified acceptance, may treat the bill
as dishonoured by non-acceptance.

(2) Where a qualified acceptance is taken, and the drawer or an
indorser has not expressly or impliedly authorized the holder to take a
qualified acceptance or does not subsequently assent thereto. such
drawer or indorser is discligged from his liability on the bill. The
provisions of this subsection do not apply to a partial acceptance,
whereof due notice has been given. Where a foreign bill has been
accepted as to part, it must be protested as to the balance.

(3) When the drawer or indorser of a bill receives notice of a
qualified acceptance, and does not within a reasonable time express his
dissent to the holder, he shall be deemed to have assented thereto.

45. Subject to the provisions of this Ordinance, a bill must be duly
presented for payment If it is not so presented, the drawer and indorsers
shall be discharged. A bill is duly presented for payment which is
presented in accordance with the following rules

(a)where the bill is not payable on demand, presentment must be
made on the day it falls due;

(b)where the bill is payable on demand. then, subject to the
provisions of this Ordinance, presentment must be made
within a reasonable time after its issue in order to render the
drawer liable, and within a reasonable time after its
indorsement, in order to render the indorser liable. In
determining what is a reasonable time, regard shall be had to
the nature of the bill, the usage of trade with respect to similar
bills, and the facts of the particular case;

(c)presentment must be made by the holder, or by some person
authorized to receive payment on his behalf, at a reasonable
hour on a business day, at the proper place





as hereinafter defined, either to the person designated by the
bill as payer or to some person authorized to pay or refuse
payment on his behalf, if, with the exercise of reasonable
diligence, such person can there be found;

(d)a bill is presented at the proper place-

(i) where a place of payment is specified in the bill and the
bill is there presented;

(ii) where no place of payment is specified, but the address
of the drawee or acceptor is given in the bill, and the bill is
there presented;

(iii) where no place of payment is specified and no address
given, and the bill is presented at the drawee's or acceptor's
place of business, if known, and, if not, at his ordinary
residence, if known;

(iv) in any other case, if presented to the drawee or acceptor
wherever he can be found, or if presented at his last-known
place of business or residence;

(e)where a bill is presented at the proper place, and, after the
exercise of reasonable diligence, no person authorized to pay
or refuse payment can be found there, no further presentment
to the drawee or acceptor is required;

where a bill is drawn upon or accepted by two or more
persons who are not partners, and no place of payment is
specified, presentment must be made to them all

(g)where the drawee or acceptor of a bill is dead and no place of
payment is specified, presentment must be made to a personal
representative, if such there be, and; with the exercise of
reasonable diligence, he can be found;

(h)where authorized by agreement or usage, a presentment
through the Post Office is sufficient.

46. (1) Delay in making presentment for payment is excused when
the delay is caused by circumstances beyond the control of the holder,
and not imputable to his default, misconduct, or negligence. When the
cause of delay ceases to operate, presentment must be made with
reasonable diligence.

(2) Presentment for payment is dispensed with-

(a)where, after the exercise of reasonable diligence, presentment,
as required by this Ordinance, cannot be effected. The fact
that the holder has reason to believe that the bill will, on
presentment, be dishonoured does not dispense with the
necessity for presentment;

(b)where the drawee is a fictitious person;

(c)as regards the drawer, where the drawee or acceptor is not
bound as between himself and the drawer to accept





or pay the bill, and the drawer has no reason to believe that
the bill would be paid. if presented;

(d)as regards an indorser, where the bill was accepted or made
for the accommodation of that indorser, and he has no reason
to expect that the bill would be paid, if presented.

(e) by waiver of presentment, express or implied.

47. (1) A bill is dishonoured by non-payment-

(a)when it is duly presented for payment and payment is refused
or cannot be obtained; or

(b)when presentment is excused and the bill is overdue and
unpaid.

(2) Subject to the provisions of this Ordinance. when a bill is
dishonoured by non-payment, an immediate right of recourse against
the drawer and indorsers accrues to the holder.

48 Subject to the provisions of this Ordinance, when a bill has been
dishonoured by non-acceptance or by non-payment. notice of
dishonour must be given to the drawer and each indorser, and any
drawer or indorser to whom such notice is not given is discharged

Provided that

(a)where a bill is dishonoured by non-acceptance and notice of
dishonour is not given, the rights of a holder in due course
subsequent to the omission shall not be prejudiced by the
omission;

(b)where a bill is dishonoured by non-acceptance and due notice
of dishonour is given, it shall not be necessary to give notice
of a subsequent dishonour by non-payment, unless the bill
has in the meantime been accepted.

49. Notice of dishonour, in order to be valid and effectual, must be
given in accordance with the following rules--

(a)the notice must be given by or on behalf of the holder or by or
on behalf of an indorser who, at the time of giving it, is himself
liable on the bill;

(b)the notice may be given by an agent, either in his own name or
in the name of any party entitled to give notice, whether that
party is his principal or not;

(c)where the notice is given by or on behalf of the holder, it
enures for the benefit of all subsequent holders and all prior
indorsers who have a right of recourse against the party to
whom it is given;





(d)where the notice is given by or on behalf of an indorser
entitled to give notice as hereinbefore provided, it enures for
the benefit of the holder and all indorsers subsequent to the
party to whom notice is given;

(e)the notice may be given in writing or by personal
communication, and may be given in any terms which
sufficiently identify the bill, and intimate that the bill has been
dishonoured by non-acceptance or non-payment;

the return of a dishonoured bill to the drawer or an indorser is,
in point of form, deemed a sufficient notice of dishonour;

(g)a written notice need not be signed, and an insufficient written
notice may be supplemented and validated by verbal
communication. A misdescription of the bill shall not vitiate
the notice unless the party to whom the notice is given is in
fact misled thereby;

(h)where the notice is required to be given to any person, it may
be given either to the party himself or to his agent in that
behalf;

(i)where the drawer or indorser is dead, and the party giving
notice knows it, the notice must be given to a personal
representative, if such there be and, with the exercise of
reasonable diligence, he can be found;

(1)where the drawer or indorser is bankrupt. the notice may be
given either to the party himself or to his trustee or assignee;

(k)where there are two or more drawers or indorsers who are not
partners, the notice must be given to each of them, unless one
of them has authority to receive such notice for the others;

the notice may be given as soon as the bill is dishonoured and
must be given within a reasonable time thereafter. In the
absence of special circumstances. notice is not deemed to
have been given within a reasonable time, unless

(i) where the person giving and the person to receive notice
reside in the same place, the notice is given or sent off in time
to reach the latter on the day after the dishonour of the bill.,

(ii) where the person giving and the person to receive
notice reside in different places, the notice is sent off on the
day after the dishonour of the bill, if there is a post at a
convenient hour on that day, and. if there is no such post on
that day, then by the next post thereafter;

(m)where a bill when dishonoured is in the hands of an agent, he
may either himself give notice to the parties





liable on the bill or he may give notice to his principal. If he
gives notice to his principal, he must do so within the same
time as if he were the holder. and the principal, upon receipt of
such notice, has himself the same time for giving notice as if
the agent had been an independent holder;

(n)where a party to a bill receives due notice, he has. after the
receipt of such notice, the same period of time for giving
notice to antecedent parties that the holder has after the
dishonour;

(o)where the notice is duly addressed and posted, the sender is
deemed to have given due notice of dishonour.
notwithstanding any miscarriage by the Post Office.

50. (1) Delay in giving notice of dishonour is excused where the
delay is caused by circumstances beyond the control of the party giving
notice, and not imputable to his default, misconduct, or negligence.
When the cause of delay ceases to operate, the notice must be given
with reasonable diligence.

(2)Notice of dishonour is dispensed with-

(a)where, after the exercise of reasonable diligence, notice. as
required by this Ordinance, cannot be given to or does not
reach the drawer or indorser sought to be charged;

(b)by waiver, express or implied. Notice of dishonour may be
waived before the time of giving notice has arrived or after the
omission to give due notice;

(c) as regards the drawer, in the following cases, namely-

(i) where drawer and drawee are the same person;

(ii) where the drawee is a fictitious person or a person not
having capacity to contract;

(iii) where the drawer is the person to whom the bill is
presented for payment;

(iv) where the drawee or acceptor is, as between himself and
the drawer, under no obligation to accept or pay the bill;

(v) where the drawer has countermanded payment;

(d)as regards the indorser, in the following cases, namely-

(i) where the drawee is a fictitious person or a person not
having capacity to contract, and the indorser was aware of the
fact at the time he indorsed the bill.,

(ii) where the indorser is the person to whom the bill is
presented for payment,

(iii) where the bill was accepted or made for his
accommodation.





51. (1) Where an inland bill has been dishonoured, it may, if the
holder thinks fit, be noted for non-acceptance or nonpayment, as the
case may be, but it shall not be necessary to note or protest any such
bill in order to preserve the recourse against the drawer or indorser.

(2) Where a foreign bill, appearing on the face of it to be such, has
been dishonoured by non-acceptance, it must be duly protested for non-
acceptance, and where such a bill, which has not been previously
dishonoured by non-acceptance, is dishonoured by non-payment. it
must be duly protested for non-payment. If it is not so protested. the
drawer and indorsers are discharged. Where a bill does not appear on
the face of it to be a foreign bill, protest thereof in case of dishonour is
unnecessary.

(3) A bill which has been protested for non-acceptance may be
subsequently protested for non-payment.

(4) Subject to the provisions of this Ordinance, and of the Holidays
Ordinance, when a bill is noted or protested, it may be noted on the day
of its dishonour and must be noted not later than the next succeeding
business day. When a bill has been duly noted, the protest may be
subsequently extended as of the date of the noting. (Amended, 5 of
1912, s. 8, and 4 of 1918, s. 2)

(5) Where the acceptor of a bill becomes bankrupt or insolvent or
suspends payment before it matures, the holder may cause the bill to be
protested for better security against the drawer and indorsers.

(6) A bill must be protested at the place where it is dishonoured :

Provided that

(a)when a bill is presented through the Post Office, and returned
by post dishonoured, it may be protested at the place to
which it is returned, and on the day of its return, if received
during business hours, and, if not received during business
hours, then not later than the next business day;

(b)when a bill drawn payable at the place of business or
residence of some person other than the drawee has been
dishonoured by non-acceptance. it must be protested for non-
payment at the place where it is expressed to be payable, and
no further presentment for payment to, or demand on, the
drawee is necessary.

(7) A protest must contain a copy of the bill, and must be signed by
the notary making it, and must specify

(a)the person at whose request the bill is protested;

(b)the place and date of protest, the cause or reason for
protesting the bill, the demand made, and the answer





given, if any, or the fact' that the drawee or acceptor could not
be found.

(8) Where a bill is lost or destroyed or is wrongly detained from the
person entitled to hold it, protest may be made on a copy or written
particulars thereof.

(9) Protest is dispensed with by any circumstance which
would dispense with notice of dishonour. Delay in noting or
protesting is excused when the delay is caused by circumstances
beyond the control of the holder, and not imputable to his default.
misconduct, or negligence 1 When the cause of delay ceases to
operate, the bill must be noted or protested with reasonable
diligence.

52. (1) When a bill is accepted generally, presentment for payment
is not necessary in order to render the acceptor liable.

(2) When by the terms of a qualified acceptance presentment for
payment is required, the acceptor, in the absence of an express
stipulation to that effect. is not discharged by the omission to present
the bill for payment on the day that it matures.

(3) In order to render the acceptor of a bill liable. it is not necessary
to protest it or that notice of dishonour should be given to him.

(4) Where the holder of a bill presents it for payment, he shall
exhibit the bill to the person from whom he demands payment, and when
a bill is paid the holder shall forthwith deliver it up to the party paying it.

Liabilities of parties.

53. A bill, of itself, does not operate as an assignment of funds in
the hands of the drawee available for the payment thereof, and the
drawee of a bill who does not accept. as required by this Ordinance, is
not liable on the instrument.

54. The acceptor of a bill, by accepting it-

(a)engages that he will pay it according to the tenor of his
acceptance;

(b)is precluded from denying to a holder in due course-

(i) the existence of the drawer. the genuineness of his
signature, and his capacity and authority to draw the bill;

(ii) in the case of a bill payable to drawees order, the then
capacity of the drawer to indorse, but not the genuineness or
validity of his indorsement

(iii) in the case of a bill payable to the order of a third
person, the existence of the payee and his then capacity to
indorse, but not the genuineness or validity of his
indorsement.





55.(1) The drawer of a bill, by drawing it-

(a)engages that, on due presentment, it shall be accepted and
paid according to its tenor, and that if it is dishonoured he will
compensate the holder or any indorser who is compelled to
pay it, provided that the requisite proceedings on dishonour
are duly taken;

(b)is precluded from denying to a holder in due course the
existence of the payee and his then capacity to indorse.

(2)The indorser of a bill, by indorsing it-

(a)engages that, on due presentment, it shall be accepted and
paid according to its tenor, and that if it is dishonoured he will
compensate the holder or a subsequent indorser who is
compelled to pay it, provided that the requisite proceedings on
dishonour are duly taken;

(b)is precluded from denying to a holder in due course the
genuineness and regularity in all respects of the drawer's
signature and all previous indorsements;

(c)is precluded from denying to his immediate or a subsequent
indorsee that the bill was, at the time of his indorsement, a
valid and subsisting bill, and that he had then a good title
thereto.

56. Where a person signs a bill otherwise than as drawer or
acceptor. he thereby incurs the liabilities of an indorser to a holder in
due course.

57. Where a bill is dishonoured, the measure of damages. which
shall be deemed to be liquidated damages, shall be as follows-

(a)the holder may recover from any party liable on the bill, and
the drawer who has been compelled to pay the bin may
recover from the acceptor, and an indorser who has been
compelled to pay the bill may recover from the acceptor, or
from the drawer, or from a prior indorser

(i) the amount of the bill;

(ii) interest thereon from the time of presentment for
payment, if the bill is payable on demand, and from the
maturity of the bill in any other case;

(iii) the expenses of noting, or when protest is necessary
and the protest has been extended, the expenses of protest;

(b)in the case of a bill which has been dishonoured abroad, in
lieu of the above damages, the holder may recover from the
drawer or an indorser. and the drawer or an indorser who has
been compelled to pay the bill may





recover from any party liable to him, the amount of the re-
exchange, with interest thereon until the time of payment;

(c)where by this Ordinance interest may be recovered as
damages, such interest may, if justice requires it. be withheld
wholly or in part, and where a bill is expressed to be payable
with interest at a given rate, interest as damages may or may
not be given at the same rate as interest proper.

58 (1) Where the holder of a bill payable to bearer negotiates it by
delivery without indorsing it. he is called a 'trans- by delivery'.

(2)A transferor by delivery is not liable on the instrument.

(3) A transferor by delivery who negotiates a bill thereby warrants
to his immediate transferee. being a holder for value, that the bill is what
it purports to be, that he has a right to transfer it, and that. at the time of
transfer. he is not aware of any fact which renders it valueless.

Discharge of bill.

59. (1) A bill is discharged by payment in due course by or on
behalf of the drawee or acceptor. Payment in due course' means
payment made at or after the maturity of the bill to the holder thereof in
good faith and without notice that his title to the bill is defective.

(2) Subject to the provisions hereinafter contained, when a bill is
paid by the drawer or an indorser it is not discharged; but

(a)where a bill payable to, or to the order of, a third party is paid
by the drawer. the drawer may enforce payment thereof
against the acceptor, but may not reissue the bill;

(b)where a bill is paid by an indorser, or where a bin payable to
drawers order is paid by the drawer, the party paying it is
remitted to his former rights as regards the acceptor or
antecedent parties, and he may, if he thinks fit, strike out his
own and subsequent indorsements, and again negotiate the
bill.

(3) Where an accommodation bill is paid in due course by the party
accommodated, the bill is discharged.

60. When a bill payable to order on demand is drawn on a banker,
and the banker on whom it is drawn pays the bill in good faith and in the
ordinary course of business, it is not incumbent on the banker to show
that the indorsement of the payee or any subsequent indorsement was
made by or under the authority of the





person whose indorsement it purports to be, and the banker is
deemed to have paid the bill in due course, although such indorse-
ment has been forged or made without authority.

61. When the acceptor of a bill is or becomes the holder of
it at or after its maturity, in his own right, the bill is discharged.

62. (1) When the holder of a bill at or after its maturity
absolutely and unconditionally renounces his rights against the
acceptor, the bill is discharged. The renunciation must be in
writing, unless the bill is delivered up to the acceptor.

(2) The liabilities of any party to a bill may in like manner
be renounced by the holder before, at, or after its maturity; but
nothing in this section shall affect the rights of a holder in due
course without notice of the renunciation.

63. (1) Where a bill is intentionally cancelled by the holder
or his agent, and the cancellation is apparent thereon, the bill is
discharged.

(2) In like manner, any party liable on a bill may be dis-
charged by the intentional cancellation of his signature by the
holder or his agent. In such case, any indorser who would have
had a right of recourse against the party whose signature is can-
celled is also discharged.

(3) A cancellation made unintentionally, or under a mistake,
or without the authority of the holder is inoperative; but where a
bill or any signature thereon appears to have been cancelled, the
burden of proof lies on the party who alleges that the cancellation
was made unintentionally, or under a mistake, or without authority.

64. (1) Where a bill or acceptance is materially altered with-
out the assent of all parties liable on the bill, the bill is avoided
except as against a party who has himself made, authorized, or
assented to the alteration, and subsequent indorsers :

Provided that where a bill has been materially altered, but the
alteration is not apparent, and the bill is in the hands of a holder
in due course, such holder may avail himself of the bill as if it
had not been altered, and may enforce payment of it according to
its original tenor.

(2) In particular, the following alterations are material, name-
ly, any alteration of the date, the sum payable, the time of
payment, the place of payment, and, where a bill has been accepted
generally, the addition of a place of payment without the acceptor's
assent.





Acceptance and payment for honour.

65. (1) Where a bill has been protested for dishonour by non-
acceptance or protested for better security, and is not overdue, any
person, not being a party already liable thereon, may, with the consent
of the holder, intervene and accept the bill supra protest, for the honour
of any party liable thereon or for the honour of the person for whose
account the bill is drawn.

(2) A bill may be accepted for honour for part only of the sum for
which it is drawn.

(3) An acceptance for honour supra protest in order to be valid
must

(a)be written on the bill, and indicate that it is an acceptance for
honour;

(b)be signed by the acceptor for honour.

(4) Where an acceptance for honour does not expressly state for
whose honour it is made, it is deemed to be an acceptance for the
honour of the drawer.

(5) Where a bill payable after sight is accepted for honour, its
maturity is calculated from the date of the noting for nonacceptance,
and not from the date of the acceptance for honour.

66. (1) The acceptor for honour of a bill, by accepting it engages
that he will, on due presentment, pay the bill according to the tenor of
his acceptance, if it is not paid by the drawee, provided it has been duly
presented for payment and protested for non-payment, and that he
receives notice of these facts.

(2) The acceptor for honour is liable to the holder and to all parties
to the bill subsequent to the party for whose honour he has accepted.

67. (1) Where a dishonoured bill has been accepted for honour
supra protest or contains a reference in case of need, it must be
protested for non-payment before it is presented for payment to the
acceptor for honour or referee in case of need.

(2) Where the address of the acceptor for honour is in the same
place where the bill is protested for non-payment, the bill must be
presented to him not later than the day following its maturity; and where
the address of the acceptor for honour is in some place other than the
place where the bill was protested for non-payment, the bill must be
forwarded not later than the day following its maturity for presentment
to him.

(3) Delay in presentment or non-presentment is excused by any
circumstance which would excuse delay in presentment for payment or
non-presentment for payment.





(4) When a bill is dishonoured by the acceptor for honour, it must
be protested for non-payment by him.

68. (1) Where a bill has been protested for non-payment, any
person may intervene and pay it supra protest, for the honour of any
party liable thereon or for the honour of the person for whose account
the bill is drawn.

(2) Where two or more persons offer to pay a bill for the honour of
different parties, the person whose payment will discharge most parties
to the bill shall have the preference.

(3) Payment for honour supra protest, in order to operate as such
and not as a mere voluntary payment, must be attested by a notarial act
of honour which may be appended to the protest or form an extension of
it.

(4) The notarial act of honour must be founded on a declaration
made by the payer for honour, or his agent in that behalf, declaring his
intention to pay the bill for honour and for whose honour he pays.

(5) Where a bill has been paid for honour, all parties subsequent to
the party for whose honour it is paid are discharged, but the payer for
honour is subrogated for, and succeeds to both the rights and duties of,
the holder as regards the party for whose honour he pays and all parties
liable to that party.

(6) The payer for honour. on paying to the holder the amount of the
bill and the notarial expenses incidental to its dishonour, is entitled to
receive both the bill itself and the protest. if the holder does not on
demand deliver them up, he shall be liable to the payer for honour in
damages.

(7) Where the holder of a bill refuses to receive payment supra
protest. he shall lose his right of recourse against any party who would
have been discharged by such payment.

Lost instrument.

69. (1) Where a bill has been lost before it is overdue, the person
who was the holder of it may apply to the drawer to give him another bill
of the same tenor, giving security to the drawer, if required, to indemnify
him against all persons whomsoever in case the bill alleged to have been
lost shall be found again.

(2) If the drawer, on request as aforesaid, refuses to give such
duplicate bill, he may be compelled to do so.

70. In any action or proceeding upon a bill, the court or a judge
may order that the loss of the instrument shall not be set up, provided
an indemnity be given, to the satisfaction of the court or judge, against
the claims of any other person upon the instrument in question.





Bill in a set.

71. (1) Where a bill is drawn in a set, each part of the set being
numbered and containing a reference to the other parts, the whole of the
parts constitute one bill.

(2) Where the holder of a set indorses two or more parts to different
persons, he is liable on every such part, and every indorser subsequent
to him is liable on the part he has himself indorsed as if the said parts
were separate bins.

(3) Where two or more parts of a set are negotiated to different
holders in due course, the holder whose title first accrues is, as between
such holders, deemed the true owner of the bill; but nothing in this
subsection shall affect the rights of a person who in due course accepts
or pays the part first presented to him.

(4) The acceptance may be written on any part, and it must be
written on one part only. If the drawee accepts more than one part and
such accepted parts get into the hands of different holders in due
course, he is liable on every such part as if it were a separate bill.

(5) When the acceptor of a bill drawn in a set pays it without
requiring the part bearing his acceptance to be delivered up to him and
that part at maturity is outstanding in the hands of a holder in due
course. he is liable to the holder thereof.

(6) Subject to the preceding rules, where any one part of a bill
drawn in a set is discharged by payment or otherwise, the whole bill is
discharged.

Conflict of laws.

72. Where a bill drawn in one country is negotiated, accepted, or
payable in another, the rights, duties, and liabilities of the parties thereto
are determined as follows

(a)the validity of a bill, as regards requisites in form, is
determined by the law of the place of issue, and the validity,
as regards requisites in form, of the supervening * 9 contracts,
such as acceptance or indorsement or accept- supra protest, is
determined by the law of the place where such contract was
made:

Provided that-

(i) where a bill is issued out of the Colony, it is not invalid
by reason only that it is not stamped in accordance with the
law of the place of issue;

(ii) where a bill issued out of the Colony conforms, as
regards requisites in form, to the law of the Colony, it may, for
the purpose of enforcing payment thereof, be treated as valid
as between all persons who negotiate, hold, or become parties
to it in the Colony;





(b)subject to the provisions of this Ordinance, the interpretation
of the drawing, indorsement, acceptance, or acceptance supra
protest of a bill is determined by the law of the place where
such contract is made:

Provided that where an inland bill is indorsed in a foreign
country, the indorsement shall, as regards the payer, be
interpreted according to the law of the Colony;

(c)the duties of the holder with respect to presentment for
acceptance or payment and the necessity for or sufficiency of
a protest or notice of dishonour. or otherwise, are determined
by the law of the place where the act is done or the bill is
dishonoured;

(d)where a bill is drawn out of but payable in the Colony and the
sum payable is not expressed in the currency of the Colony,
the amount, if the bill is paid in the Colony and in the currency
of the Colony, shall, in the absence of any express stipulation,
be calculated according to the rate of exchange for sight drafts
in the Colony on the day on which the bill is actually paid; and
(Replaced, 18 of 1.921, s. 2)

(e)where a bill is drawn in one country and is payable in another,
the due date thereof is determined according to the law of the
place where it is payable.

PART III.

(Amended, 51 of 1911, and 63 of 1911, Schedule)

CHEQUES ON A BANKER.

73. (1) A cheque is a bill of exchange drawn on a banker payable on
demand.

(2) Except as otherwise provided in this Part, the provisions of this
Ordinance applicable to a bill of exchange payable on demand apply to a
cheque.

74.Subject to the provisions of this Ordinance-

(a)where a cheque is not presented for payment within a
reasonable time of its issue, and the drawer or the person on
whose account it is drawn had the right, at the time of such
presentment, as between him and the banker, to have the
cheque paid and suffers actual damage through the delay, he
is discharged to the extent of such damage, that is to say, to
the extent to which such drawer or person is a creditor of such
banker to a larger amount than he would have been had such
cheque been paid;

(b)in determining what is a reasonable time, regard shall be had
to the nature of the instrument, the usage of trade and of
bankers, and the facts of the particular case;





(c)the holder of such cheque as to which such drawer or person
is discharged shall be a creditor, in lieu of such drawer or
person, of such banker to the extent of such discharge and
entitled to recover the amount from him.

75. The duty and authority of a banker to pay a cheque drawn on
him by his customer are determined by

(a)countermand of payment;

(b)notice of the customer's death.

Crossed cheques.

76. (1) Where a cheque bears across its face an addition of

(a)the words 'and company', or any abbreviation thereof.
between two parallel transverse lines, either with or without
the words - not negotiable or

(b)two parallel transverse lines simply. either with or without the
words 'not negotiable',

that addition constitutes a crossing, and the cheque is crossed
generally.

(2) Where a cheque bears across its face an addition of the name of
a banker, either with or without the words 'not negotiable', that
addition constitutes a crossing. and the cheque is crossed specially and
to that banker.

77. (1) A cheque may be crossed generally or specially by the
drawer.

(2) Where a cheque is uncrossed, the holder may cross it generally
or specially.

(3) Where a cheque is crossed generally, the holder may cross it
specially.

(4) Where a cheque is crossed generally or specially, the holder
may add the words 'not negotiable'.

(5) Where a cheque is crossed specially, the banker to whom it is
crossed may again cross it specially to another banker for collection.

(6) Where an uncrossed cheque, or a cheque crossed generally, is
sent to a banker for collection, he may cross it specially to himself.

78. A crossing authorized by this Ordinance is a material part of the
cheque; it shall not be lawful for any person to obliterate or, except as
authorized by this Ordinance, to add to or alter the crossing.





19. (1), Where a cheque is crossed specially to more than one
banker, except when crossed to an agent for collection being a banker,
the banker on whom it is drawn shall refuse payment thereof.

(2) Where the banker on whom a cheque is drawn which is so
crossed nevertheless pays the same, or pays a cheque crossed
generally otherwise than to a banker, or, if crossed specially, otherwise
than to the banker to whom it is crossed or his agent for collection being
a banker, he is liable to the true owner of the cheque for any loss he may
sustain owing to the cheque having been so paid:

Provided that where a cheque is presented for payment which does
not, at the time of presentment, appear to be crossed. or to have had a
crossing which has been obliterated, or to have been added to or altered
otherwise than as authorized by this Ordinance, the banker paying the
cheque, in good faith and without negligence, shall not be responsible
or incur any liability, nor shall the payment be questioned by reason of
the cheque having been crossed, or of the crossing having been
obliterated or having been added to or altered otherwise than as
authorized by this Ordinance, and of payment having been made
otherwise than to a banker, or to the banker to whom the cheque is or
was crossed, or to his agent for collection being a banker, as the case
may be.

80. Where the banker on whom a crossed cheque is drawn, in good
faith and without negligence. pays it, if crossed generally, to a banker.
and, if crossed specially. to the banker to whom it is crossed or his agent
for collection being a banker, the banker paying the cheque. and, if the
cheque has come into the hands of the payee, the drawer. shall
respectively be entitled to the same rights and be placed in the same
position as if payment of the cheque had been made to the true owner
thereof.

81. Where a person takes a crossed cheque which bears on it the
words 'not negotiable', he shall not have, and shall not be capable of
giving, a better title to the cheque than that which the person from
whom he took it had.

82. Any draft or order drawn upon a banker for a sum of money
payable to order on demand which shall, when presented for payment,
purport to be indorsed by the person to whom the same shall be drawn
payable, shall be a sufficient authority to such banker to pay the amount
of such draft or order to the bearer thereof: and it shall not be incumbent
on such banker to prove that such indorsement or any subsequent
indorsement was made by or under the direction or authority of the
person to whom the said draft or order was or is made payable either by
the drawer or any indorser thereof.

(Added, 7 of 1907, s. 3)





83. (1) Where a banker in good faith and in the ordinary course of
business pays a cheque drawn on him which is not indorsed or is
irregularly indorsed, he does not, in doing so, incur any liability by
reason only of the absence of, or irregularity in, indorsement, and he is
deemed to have paid it in due course.

(2) Where a banker in good faith and in the ordinary course of
business pays any such instrument as the following, namely

(a)a document issued by a customer of his which, though not a
bill of exchange, is intended to enable a person to obtain
payment from him of the sum mentioned in the document;

(b)a draft payable on demand drawn by him upon himself,
whether payable at the head office or some other office of his
bank,

he does not, in doing so. incur any liability by reason only of the
absence of. or irregularity in, indorsement. and the payment discharges
the instrument.

(Added, 55 of 1960, s. 2)

84. A banker who gives value for. or has a lien on. a cheque
payable to order which the holder delivers to him for collection without
indorsing it, has such (if any) rights as he would have had if, upon
delivery, the holder had indorsed it in blank.

(A dded, 55 of 1960, s. 2)

85. An unindorsed cheque which appears to have been paid by the
banker on whom it is drawn is evidence of the receipt by the payee of
the sum payable by the cheque.

(A dded, 55 of 1960, s. 2)

86. (1) Where a banker, in good faith and without negligence

(a)receives payment for a customer of an instrument to which
this section applies; or

(b)having credited a customer's account with the amount of such
an instrument, receives payment thereof for himself,

and the customer has no title, or a defective title, to the instrument. the
banker does not incur any liability to the true owner of the instrument by
reason only of having received payment thereof.

(2) This section applies to the following instruments, namely

(a) cheques;

(b)any document issued by a customer of a banker which,
though not a bill of exchange, is intended to enable a person
to obtain payment from that banker of the sum mentioned in
the document;





(c)any document issued by a public officer which is intended to
enable a person to obtain payment from the Accountant
General of the sum mentioned in the document but is not a bill
of exchange;

(d)any draft payable on demand drawn by a banker upon himself,
whether payable at the head office or some other office of his
bank.

(3) A banker is not to be treated for the purposes of this section as
having been negligent by reason only of his failure to concern himself
with absence of, or irregularity in, indorsement of an instrument.

(Added, 55 of 1960, s. 2)

87. The provisions of this Part of this Ordinance relating to crossed
cheques shall, so far as applicable, have effect in relation to instruments
(other than cheques) to which section 86 applies as they have effect in
relation to cheques.

(Added, 55 of 1960, s. 2)

88. The provisions of this Part of this Ordinance do not make
negotiable any instrument which, apart from such provisions. is not
negotiable.

(A dded, 55 of 1960, s. 2)

PART IV

(Amended, 51 of 1911, and 63 of 1911, Scheduie)

PROMISSORY
NOTES.

89. (1) A promissory note is an unconditional promise in writing
made by one person to another signed by the maker, engaging to pay,
on demand or at a fixed or determinable future time, a sum certain in
money to. or to the order of. a specified person or to bearer.

(2) An instrument in the form of a note payable to maker's order is
not a note within the meaning of this section. unless and until it is
indorsed by the maker.

(3) A note is not invalid by reason only that it contains also a
pledge of collateral security, with authority to sell or dispose thereof.

(4) A note which is, or on the face of it purports to be. both made
and payable within the Colony is an inland note. Any other note is a
foreign note.

90. A promissory note is inchoate and incomplete until delivery
thereof to the payee or bearer.





91. (1) A promissory note may be made by two or more
makers, and they may be liable thereon jointly, or jointly and
severally, according to its tenor.

(2) Where a note runs 'promise to pay' and is signed by
two or more persons, it is deemed to be their joint and several
note.

92. (1) Where a note payable on demand has been indorsed,
it must be presented for payment within a reasonable time of the
indorsement. If it is not so presented, the indorser is discharged.

(2) In determining what is a reasonable time, regard shall be
had to the nature of the instrument, the usage of trade, and the
facts of the particular case.

(3) Where a note payable on demand is negotiated, it is not
deemed to be overdue. for the purpose of affecting the holder with
defects of title of which he had no notice, by reason that it appears
that a reasonable time for presenting it for payment has elapsed
since its issue.

93. (1) Where a promissory note is in the body of it made
payable at a particular place, it must be presented for payment at
that place in order to render the maker liable. In any other case,
presentment for payment is not necessary in order to render the
maker liable.

(2) Presentment for payment is necessary in order to render
the indorser of a note liable.

(3) Where a note is in the body of it made payable at a
particular place, presentment at that place is necessary in order to
render an indorser liable; but when a place of payment is indicated
by way of memorandum only, presentment at that place is suffici-
ent to render the indorser liable, but a presentment to the maker
elsewhere, if sufficient in other respects, shall also suffice.

94.The maker of a promissory note, by making it-

(a)engages that he will pay it according to its tenor.,

(b)is precluded from denying to a holder in due course the
existence of the payee and his then capacity to indorse.

95. (1) Subject to the provisions in this Part and except as
by this section provided. the provisions of this Ordinance relating
to bills of exchange apply, with the necessary modifications, to
promissory notes.

(2) In applying those provisions, the maker of a note shall be
deemed to correspond with the acceptor of a bill, and the first
indorser of a note shall be deemed to correspond with the drawer
of an accepted bill payable to drawer's order.





(3) The following provisions as to bills do not apply to notes,
namely, provisions relating to

(a) presentment for acceptance;

(b) acceptance;

(c) acceptance supra protest;

(d) bills in a set.

(4) Where a foreign note is dishonoured, protest thereof is
unnecessary.

PART V.

(Amended, 51 of 1911, and 63 of 1911, Schedule)

SUPPLEMENTARY


96. A thing is deemed to be done in good faith, within the meaning
of this Ordinance. where it is in fact done honestly, whether it is done
negligently or not.

97. (1) Where by this Ordinance any instrument or writing is
required to be signed by any person. it is not necessary that he should
sign it with his own hand, but it is sufficient if his signature is written
thereon by some other person by or under his authority.

(2) In the case of a corporation, where by this Ordinance any
instrument or writing is required to be signed, it is sufficient if the
instrument or writing is sealed with the corporate seal.

(3) But nothing in this section shall be construed as requiring the
bill or note of a corporation to be under seal.

98. (1) Where by this Ordinance the time limited for doing any act
or thing is less than three days, in reckoning time, nonbusiness days are
excluded.

(2) 'Non-business days', for the purposes of this Ordinance,
means general holidays. (Amended, 5 of 1912, s. 8)

99. For the purposes of this Ordinance, where a bill or note is
required to be protested within a specified time or before some further
proceeding is taken, it is sufficient that the bill has been noted for
protest before the expiration of the specified time or the taking of the
proceeding., and the formal protest may be extended at any time
thereafter as of the date of the noting.

100. (1) Where a dishonoured bill or note is authorized or required to
be, protested, and the services of a notary cannot be obtained at the
place where the bill is dishonoured, any householder or substantial
resident of the place may, in the presence of two witnesses, give a
certificate, signed by them, attesting the





dishonour of the bill. and the certificate shall in all respects operate as if
it were a formal protest of the bill.

(2) The form in the Schedule may be used, with necessary
modifications, and, if used, shall be sufficient. (Amended, 50 of 1911, s.
4)

101. The provisions of this Ordinance relating to crossed cheques
shall apply to a warrant for payment of dividend.

102. (1) The rules in bankruptcy relating to bills of exchange,
promissory notes, and cheques shall continue to apply thereto,
notwithstanding anything in this Ordinance.

(2) The rules of common law, including the law merchant, save in so
far as they are inconsistent with the express provisions of this
Ordinance, shall continue to apply to bills of exchange, promissory
notes, and cheques.

(3)Nothing in this Ordinance shall affect
(a)the provisions of any Stamp
or any law or
enactment relating to the revenue; or

(b)the provisions of any Ordinance relating to joint-stock banks
or companies; or

(c)the validity of any usage relating to dividend warrants or the
indorsements thereof. (Amended, 50 of 1911, s. 4)

SCHEDULE 18. 100.]

FORM OF PROTEST WHICH MAY BE USED WHEN THE SERVICES OF A
NOTARY CANNOT BE OBTAINED.

Know all men that 1, AA, of at the request

of C.D., there being no notary public available, did on the day

of 19 at demand payment

[or acceptance] of the bill of exchange hereunder written from E.F., to
which demand he made answer [state answer, if any]; wherefore 1 now,
in the presence of G.H., and J.K. do protest the said bill of exchange.

Dated the day of 19

(Signed) A.B.

G.H. } Witnesses.

J.K.

NB-The bill itself should be annexed, or a copy of the bill and all that is
written thereon should be underwritten.
Originally 9 of 1885. (Cap. 19, 1950.) 7 of 1907. 50 of 1911. 51 of 1911. 62 of 1911. 63 of 1911. 5 of 1912. 43 of 1912. 4 of 1918. 18 of 1921. 5 of 1924. 9 of 1936. 55 of 1960. Short title. 45 & 46 Vict. c. 61, s. 1. Interpretation. 45 & 46 Vict. c. 61. s. 2. (Cap. 149.) Definition of bill of exchange. 45 & 46 Vict. c. 61, s. 3. Inland and foreign bills. 45 & 46 Vict. c. 61, s. 4. Effect where different parties to bill are the same person. 45 & 46 Vict. c. 61, s. 5. Address to drawee. 45 & 46 Vict. c. 61, s. 6. Certainty required as to payee. 45 & 46 Vict. c. 61, s. 7. What bills are negotiable. 45 & 46 Vict. c. 61, s. 8. Sum payable. 45 & 46 Vict. c. 61, s. 9. Bill payable on demand. 45 & 46 Vict. c. 61, s. 10. Bill payable at future time. 45 & 46 Vict. c. 61, s. 11. Omission of date in bill payable after date. 45 & 46 Vict. c. 61, s. 12. Ante-dating and post-dating. 45 & 46 Vict. c. 61, s. 13. Computation of time of payment. 45 & 46 Vict. c. 61, s. 14. Referee in case of need. 45 & 46 Vict. c. 61, s. 15. Optional stipulations by drawer or indorser. 45 & 46 Vict. c. 61, s. 16. Definition and requisites of acceptance. 45 & 46 Vict. c. 61, s. 17. Time for acceptance. 45 & 46 Vict. c. 61, s. 18. General and qualified acceptance. 45 & 46 Vict. c. 61, s. 19. Inchoate instruments. 45 & 46 Vict. c. 61, s. 20. Delivery. 45 & 46 Vict. c. 61, s. 21. Capacity of parties. 45 & 46 Vict. c. 61, s. 22. Signature essential to liability. 45 & 46 Vict. c. 61, s. 23. Forged or unauthorized signature. 45 & 46 Vict. c. 61, s. 24. Procuration signature. 45 & 46 Vict. c. 61, s. 25. Person signing as agent or in representative capacity. 45 & 46 Vict. c. 61, s. 26. Value and holder for value. 45 & 46 Vict. c.61, s. 27. Accommodation party. 45 & 46 Vict. c. 61, s. 28. Holder in due course. 45 & 46 Vict. c.61, s.29. Presumption of value and good faith. 45 & 46 Vict. c. 61, s. 30. Negotiation of bill. 45 & 46 Vict. c. 61, s. 31. Requisites of valid indorsement. 45 & 46 Vict. c. 61, s. 32. Conditional indorsement. 45 & 46 Vict. c. 61, s. 33. Indorsement in blank and special indorsement. 45 & 46 Vict. c. 61, s. 34. Restrictive indorsement. 45 & 46 Vict. c. 61, s. 35. Negotiation of overdue or dishonoured bill. 45 & 46 Vict. c. 61, s. 36. Negotiation of bill to party already liable thereon. 45 & 46 Vict. c. 61, s. 37. Rights and powers of holder. 45 & 46 Vict. c. 61, s. 38. When presentment for acceptance is necessary. 45 & 46 Vict. c. 61, s. 39. Time for presenting bill payable after sight. 45 & 46 Vict. c. 61, s. 40. Rules as to presentment for acceptance, and excuses for non-presentment. 45 & 46 Vict. c. 61, s. 41. Non-acceptance. 45 & 46 Vict. c. 61, s. 42. Dishonour by non-acceptance and its consequences. 45 & 46 Vict. c. 61, s. 43. Duties as to qualified acceptances. 45 & 46 Vict. c. 61, s. 44. Rules as to presentment for payment. 45 & 46 Vict. c. 61, s. 45. Excuses for delay or non-presentment for payment. 45 & 46 Vict. c. 61, s. 46. Dishonour by non-payment. 45 & 46 Vict. c. 61, s. 47. Notice of dishonour and effect of non-notice. 45 & 46 Vict. c. 61, s. 48. Rules as to notice of dishonour. 45 & 46 Vict. c. 61, s. 49. Excuses for non-notice and delay. 45 & 46 Vict. c. 61, s. 50. Noting or protest of bill. 45 & 46 Vict. c. 61, s. 51. (Cap. 149.) Duties of holder as regards drawee or acceptor. 45 & 46 Vict. c. 61, s. 52. Funds in hands of drawee. 45 & 46 Vict. c. 61, s. 53. Liability of acceptor. 45 & 46 Vict. c. 61, s. 54. Liability of drawer or indorser. 45 & 46 Vict. c. 61, s. 55. Stranger signing bill liable as indorser. 45 & 46 Vict. c. 61, s. 56. Measure of damages against parties to dishonoured bill. 45 & 46 Vict. c. 61, s. 57. Transferor by delivery and transferee. 45 & 46 Vict. c. 61, s. 58. Payment in due course. 45 & 46 Vict. c. 61, s. 59. Banker paying demand draft whereon indorsement is forged. 45 & 46 Vict. c. 61, s. 60. Acceptor the holder at maturity. 45 & 46 Vict. c. 61, s. 61. Express waiver. 45 & 46 Vict. c. 61, s. 62. Cancellation. 45 & 46 Vict. c. 61, s. 63. Alteration of bill. 45 & 46 Vict. c. 61, s. 64. Acceptance for honour supra protest. 45 & 46 Vict. c. 61, s. 65. Liability of acceptor for honour. 45 & 46 Vict. c. 61, s. 66. Presentment to acceptor for honour. 45 & 46 Vict. c. 61, s. 67. Payment for honour supra protest. 45 & 46 Vict. c. 61, s. 68. Holder's right to duplicate of lost bill. 45 & 46 Vict. c. 61, s. 69. Action on lost bill. 45 & 46 Vict. c. 61, s. 70. Rules as to bill in set. 45 & 46 Vict. c. 61, s. 71. Rules where laws conflict. 45 & 46 Vict. c. 61, s. 72. Definition of cheque. 45 & 46 Vict. c. 61, s. 73. Presentment of cheque for payment. 45 & 46 Vict. c. 61, s. 74. Revocation of banker's authority. 45 & 46 Vict. c. 61, s. 75. Definition of general and special crossings. 45 & 46 Vict. c. 61, s. 76. Crossing by drawer or after issue. 45 & 46 Vict. c. 61, s. 77. Crossing a material part of cheque. 45 & 46 Vict. c. 61, s. 78. Duties of banker as to crossed cheque. 45 & 46 Vict. c. 61, s. 79. Protection to banker and drawer where cheque is crossed. 45 & 46 Vict. c. 61, s. 80. Effect of crossing on holder. 45 & 46 Vict. c. 61, s. 81. Drafts on bankers payable to order on demand sufficient authority for payment without proof of indorsement. 16 & 17 Vict. c. 59, s. 19. Protection of bankers paying unindorsed or irregularly indorsed cheques, etc. 5 & 6 Eliz. 2 c. 36, s. 1. Rights of bankers collecting cheques not indorsed by holders. 5 & 6 Eliz. 2 c. 36, s. 2. Unindorsed cheques as evidence of payment. 5 & 6 Eliz. 2 c. 36, s. 3. Protection of bankers collecting payment of cheques, etc. 5 & 6 Eliz. 2 c. 36, s. 4. Application of provisions of this part to instruments not being bills of exchange. 5 & 6 Eliz. 2 c. 36, s. 5. Saving. 5 & 6 Eliz. 2 c. 36, s. 6. Definition of promissory note. 45 & 46 Vict. c. 61, s. 83. Delivery necessary. 45 & 46 Vict. c. 61, s. 84. Joint and several notes. 45 & 46 Vict. c. 61, s. 85. Note payable on demand. 45 & 46 Vict. c. 61, s. 86. Presentment for payment. 45 & 46 Vict. c. 61, s. 87. Liability of maker. 45 & 46 Vict. c. 61, s. 88. Application of Part II to notes. 45 & 46 Vict. c. 61, s. 89. Good faith. 45 & 46 Vict. c. 61, s. 90. Signature. 45 & 46 Vict. c. 61, s. 91. Computation of time. 45 & 46 Vict. c. 61, s. 92. When noting equivalent to protest. 45 & 46 Vict. c. 61, s. 93. Protest when notary not accessible. 45 & 46 Vict. c. 61, s. 94. Schedule. Crossing of divided warrant. 45 & 46 Vict. c. 61, s. 95. Saving. 45 & 46 Vict. c. 61, s. 97. (Cap. 117.) ( Cap. 32.)

Originally 9 of 1885. (Cap. 19, 1950.) 7 of 1907. 50 of 1911. 51 of 1911. 62 of 1911. 63 of 1911. 5 of 1912. 43 of 1912. 4 of 1918. 18 of 1921. 5 of 1924. 9 of 1936. 55 of 1960. Short title. 45 & 46 Vict. c. 61, s. 1. Interpretation. 45 & 46 Vict. c. 61. s. 2. (Cap. 149.) Definition of bill of exchange. 45 & 46 Vict. c. 61, s. 3. Inland and foreign bills. 45 & 46 Vict. c. 61, s. 4. Effect where different parties to bill are the same person. 45 & 46 Vict. c. 61, s. 5. Address to drawee. 45 & 46 Vict. c. 61, s. 6. Certainty required as to payee. 45 & 46 Vict. c. 61, s. 7. What bills are negotiable. 45 & 46 Vict. c. 61, s. 8. Sum payable. 45 & 46 Vict. c. 61, s. 9. Bill payable on demand. 45 & 46 Vict. c. 61, s. 10. Bill payable at future time. 45 & 46 Vict. c. 61, s. 11. Omission of date in bill payable after date. 45 & 46 Vict. c. 61, s. 12. Ante-dating and post-dating. 45 & 46 Vict. c. 61, s. 13. Computation of time of payment. 45 & 46 Vict. c. 61, s. 14. Referee in case of need. 45 & 46 Vict. c. 61, s. 15. Optional stipulations by drawer or indorser. 45 & 46 Vict. c. 61, s. 16. Definition and requisites of acceptance. 45 & 46 Vict. c. 61, s. 17. Time for acceptance. 45 & 46 Vict. c. 61, s. 18. General and qualified acceptance. 45 & 46 Vict. c. 61, s. 19. Inchoate instruments. 45 & 46 Vict. c. 61, s. 20. Delivery. 45 & 46 Vict. c. 61, s. 21. Capacity of parties. 45 & 46 Vict. c. 61, s. 22. Signature essential to liability. 45 & 46 Vict. c. 61, s. 23. Forged or unauthorized signature. 45 & 46 Vict. c. 61, s. 24. Procuration signature. 45 & 46 Vict. c. 61, s. 25. Person signing as agent or in representative capacity. 45 & 46 Vict. c. 61, s. 26. Value and holder for value. 45 & 46 Vict. c.61, s. 27. Accommodation party. 45 & 46 Vict. c. 61, s. 28. Holder in due course. 45 & 46 Vict. c.61, s.29. Presumption of value and good faith. 45 & 46 Vict. c. 61, s. 30. Negotiation of bill. 45 & 46 Vict. c. 61, s. 31. Requisites of valid indorsement. 45 & 46 Vict. c. 61, s. 32. Conditional indorsement. 45 & 46 Vict. c. 61, s. 33. Indorsement in blank and special indorsement. 45 & 46 Vict. c. 61, s. 34. Restrictive indorsement. 45 & 46 Vict. c. 61, s. 35. Negotiation of overdue or dishonoured bill. 45 & 46 Vict. c. 61, s. 36. Negotiation of bill to party already liable thereon. 45 & 46 Vict. c. 61, s. 37. Rights and powers of holder. 45 & 46 Vict. c. 61, s. 38. When presentment for acceptance is necessary. 45 & 46 Vict. c. 61, s. 39. Time for presenting bill payable after sight. 45 & 46 Vict. c. 61, s. 40. Rules as to presentment for acceptance, and excuses for non-presentment. 45 & 46 Vict. c. 61, s. 41. Non-acceptance. 45 & 46 Vict. c. 61, s. 42. Dishonour by non-acceptance and its consequences. 45 & 46 Vict. c. 61, s. 43. Duties as to qualified acceptances. 45 & 46 Vict. c. 61, s. 44. Rules as to presentment for payment. 45 & 46 Vict. c. 61, s. 45. Excuses for delay or non-presentment for payment. 45 & 46 Vict. c. 61, s. 46. Dishonour by non-payment. 45 & 46 Vict. c. 61, s. 47. Notice of dishonour and effect of non-notice. 45 & 46 Vict. c. 61, s. 48. Rules as to notice of dishonour. 45 & 46 Vict. c. 61, s. 49. Excuses for non-notice and delay. 45 & 46 Vict. c. 61, s. 50. Noting or protest of bill. 45 & 46 Vict. c. 61, s. 51. (Cap. 149.) Duties of holder as regards drawee or acceptor. 45 & 46 Vict. c. 61, s. 52. Funds in hands of drawee. 45 & 46 Vict. c. 61, s. 53. Liability of acceptor. 45 & 46 Vict. c. 61, s. 54. Liability of drawer or indorser. 45 & 46 Vict. c. 61, s. 55. Stranger signing bill liable as indorser. 45 & 46 Vict. c. 61, s. 56. Measure of damages against parties to dishonoured bill. 45 & 46 Vict. c. 61, s. 57. Transferor by delivery and transferee. 45 & 46 Vict. c. 61, s. 58. Payment in due course. 45 & 46 Vict. c. 61, s. 59. Banker paying demand draft whereon indorsement is forged. 45 & 46 Vict. c. 61, s. 60. Acceptor the holder at maturity. 45 & 46 Vict. c. 61, s. 61. Express waiver. 45 & 46 Vict. c. 61, s. 62. Cancellation. 45 & 46 Vict. c. 61, s. 63. Alteration of bill. 45 & 46 Vict. c. 61, s. 64. Acceptance for honour supra protest. 45 & 46 Vict. c. 61, s. 65. Liability of acceptor for honour. 45 & 46 Vict. c. 61, s. 66. Presentment to acceptor for honour. 45 & 46 Vict. c. 61, s. 67. Payment for honour supra protest. 45 & 46 Vict. c. 61, s. 68. Holder's right to duplicate of lost bill. 45 & 46 Vict. c. 61, s. 69. Action on lost bill. 45 & 46 Vict. c. 61, s. 70. Rules as to bill in set. 45 & 46 Vict. c. 61, s. 71. Rules where laws conflict. 45 & 46 Vict. c. 61, s. 72. Definition of cheque. 45 & 46 Vict. c. 61, s. 73. Presentment of cheque for payment. 45 & 46 Vict. c. 61, s. 74. Revocation of banker's authority. 45 & 46 Vict. c. 61, s. 75. Definition of general and special crossings. 45 & 46 Vict. c. 61, s. 76. Crossing by drawer or after issue. 45 & 46 Vict. c. 61, s. 77. Crossing a material part of cheque. 45 & 46 Vict. c. 61, s. 78. Duties of banker as to crossed cheque. 45 & 46 Vict. c. 61, s. 79. Protection to banker and drawer where cheque is crossed. 45 & 46 Vict. c. 61, s. 80. Effect of crossing on holder. 45 & 46 Vict. c. 61, s. 81. Drafts on bankers payable to order on demand sufficient authority for payment without proof of indorsement. 16 & 17 Vict. c. 59, s. 19. Protection of bankers paying unindorsed or irregularly indorsed cheques, etc. 5 & 6 Eliz. 2 c. 36, s. 1. Rights of bankers collecting cheques not indorsed by holders. 5 & 6 Eliz. 2 c. 36, s. 2. Unindorsed cheques as evidence of payment. 5 & 6 Eliz. 2 c. 36, s. 3. Protection of bankers collecting payment of cheques, etc. 5 & 6 Eliz. 2 c. 36, s. 4. Application of provisions of this part to instruments not being bills of exchange. 5 & 6 Eliz. 2 c. 36, s. 5. Saving. 5 & 6 Eliz. 2 c. 36, s. 6. Definition of promissory note. 45 & 46 Vict. c. 61, s. 83. Delivery necessary. 45 & 46 Vict. c. 61, s. 84. Joint and several notes. 45 & 46 Vict. c. 61, s. 85. Note payable on demand. 45 & 46 Vict. c. 61, s. 86. Presentment for payment. 45 & 46 Vict. c. 61, s. 87. Liability of maker. 45 & 46 Vict. c. 61, s. 88. Application of Part II to notes. 45 & 46 Vict. c. 61, s. 89. Good faith. 45 & 46 Vict. c. 61, s. 90. Signature. 45 & 46 Vict. c. 61, s. 91. Computation of time. 45 & 46 Vict. c. 61, s. 92. When noting equivalent to protest. 45 & 46 Vict. c. 61, s. 93. Protest when notary not accessible. 45 & 46 Vict. c. 61, s. 94. Schedule. Crossing of divided warrant. 45 & 46 Vict. c. 61, s. 95. Saving. 45 & 46 Vict. c. 61, s. 97. (Cap. 117.) ( Cap. 32.)

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