BILLS OF EXCHANGE.
No. 3 of 1885.
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No. 3 of 1885.
An Ordinance to codify the law relating to bills of exchange, cheques and promissory notes.
[4th May, 1885.]
PART I.
[Originally No. 9 of 1936.] 45 & 46 Vict. c. 61.
* Preliminary Provisions.
1. This Ordinance may be cited as the Bills of Exchange Ordinance, 1885.
2. In this Ordinance,
(a) "Acceptance" means an acceptance completed by delivery or notification.
(b) "Action" means action or suit and includes counter-claim and set-off.
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(c) "Banker" includes a body of persons, whether incorporated or not, who carry on the business of banking.
(d) "Bankrupt" includes any person whose estate is vested in a trustee or assignee under the law relating to bankruptcy.
(e) "Bearer" means the person in possession of a bill or note which is payable to bearer.
(f) "Bill" means bill of exchange, and "note" means promissory note.
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(g) "Delivery" means transfer of possession, actual or constructive, from one person to another.
Interpretation.
[cf. No. 10 of 1931.]
(h) "General holiday" has the same meaning as in the Holidays Ordinance, 1912.
(i) "Holder" means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof.
(j) "Indorsement" means an indorsement completed by delivery.
(k) "Issue" means the first delivery of a bill or note, complete in form, to a person who takes it as a holder.
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(l) "Person" includes a body of persons, whether incorporated or not.
No. 5 of 1912.
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(m) "Value" means valuable consideration.
* The numbering of the sections in this Ordinance, except ss. 82(2), 82A, 82B and 96, corresponds with that of the sections in the Bills of Exchange Act, 1882.