292
No. 3 of 1885.
*
Definition of bill of exchange.
Inland and foreign bills.
"Indorsement
BILLS OF EXCHANGE.
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:
66
not.
Person" includes a body of persons, whether incorporated or
Value" means valuable consideration.
PART II.
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 this Colony; or
(b) drawn within this Colony, upon some person resident therein.
* As amended by No. 63 of 1911.
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Page 292
No. 3 of 1885.
*
Definition of bill of exchange.
Inland and foreign bills.
"Indorsement
was reordered and corrected to put the text in a logical order and remove OCR errors. The last few lines appear to be fragments and may not make sense due to the OCR quality or being cut off. The page numbering was preserved as per the instructions.