1950_BILLS_OF_EXCHANGE_ORDINANCE — Page 2

CAP. 19]

Original ly

9 of 18 85.

Fraser

3 of 1885.

45 & 46 Vict. c. 61.

Bills of Exchange.

CHAPTER 19.

BILLS OF EXCHANGE.

To codify the law relating to bills of exchange, cheques

and promissory notes.

[4th May, 1885.]

Short title.

Interpretatio n.

(Cap. 149.)

PART I.

Preliminary Provisions.

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

2. In this Ordinance-

"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 bank- ruptcy;

"'bearer'' means the person in possession of a bill or note

which is payable to bearer;

"bill" means bill of exchange, and "note" means pro-

missory note;

*'delivery" means transfer of possession, actual or construc-

tive, from one person to another;

"'general holiday" has the same meaning as in the Holidays

Ordinance;

"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.

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