669529-1885-Bill-read--Bills-of-Exchange-Ordinance- — Page 2

AS HONGKONG GOVERNMENT GAZETTE, 14TH FEBRUARY, 1885.

A BILL

ENTITLED

The Bills of Exchange Ordinance.

E it enacted by the Governor of Hongkong, with the

Badvice of the Legislative Council thereof, as follows:

PART I.

PRELIMINARY.

1. This Ordinance may be cited as the Bills of Exchange Ordinance, 1885.

2. In this Ordinance, unless the context otherwise requires,--

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Acceptance" means an acceptance completed by

delivery or notification.

"Action" includes counter claim and set off.

"Banker" includes a Body of persons whether incorpo- rated or not who carry on the business of banking. Bankrupt " includes any person whose estate is vested in a trustec or assignee under the law for the time being in force relating to bankruptcy.

"Bearer" means the person in posession of a bill or

note which is payable to bearer.

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"Bill" means bill of exchange, and note means

promissory note.

Delivery" means transfer of pussession, actual or

constructive, from one person to another.

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 incorpo-

rated or not.

"Value" means valuable consideration.

"Written" includes printed, and "writing" includes

print.

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 re-imburse 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. Any other bill is a foreign bill.

(2.) Unless the contrary appear on the face of the bill the holder may treat it as an inland bill.

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