6617-1907-Ordinances-passed-and-assented-to--Hongkong-and-Shanghai-Banking-Corporation-No-6 — Page 5

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THE HONGKONG GOVERNMENT GAZETTE, JUNE 14, 1907.

HONGKONG,

No. 7 of 1907.

An Ordinance to amend the Law relating to Bills

of Exchange.

LS

F. H. MAY,

Officer Administering the Government.

[14th June, 1907.]

Short title and

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows :-

1. This Ordinance may be cited as the Bills of Ex- change (Amendment) Ordinance, 1907, and this Ordinance construction, and the Bills of Exchange Ordinance, 1885, may be cited together as the Bills of Exchange Ordinances, 1885 and 1907.

Amendment

of section $2

of the

Principal Ordinance. (6 Ed. VII

c. 17).

Proviso.

Customer's account may be credited

before

payment of cheque received.

(16 & 17

Vict. cap. 59 s. 19.) Drafts on bankers

payable to order on demand sufficient

authority for payment without proof of indorsement.

2. Section 82 of the Bills of Exchange Ordinance, 1885, is hereby amended by the addition at the end of such section of the following sub-section :-

(2.) A banker receives payment of a crossed cheque for a customer within the meaning of this section notwithstanding that he credits his customer's account with the amount of the cheque before receiving payment.

3. 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 por- son 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 indorse- ment 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.

Passed the Legislative Commeil of Hongkong, this 13th day of June, 1907.

A. G. M. FLETCHER, Clerk of Councils.

Assented to by His Excellency the Officer Administering the Government, the 14th day of June, 1907.

A. M. THOMSON,

Colonial Secretary.