THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
(4.) Where a bill is drawn out of but payable in this Colony and the sum payable is not expressed in the currency of this Colony, the amount shall, in the absence of some express stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable.
(5.) Where a bill is drawn in one country and is payable in another, the due date thereof is determined according to the law of the place where it is payable.
PART III.
CHEQUES ON A BANKER.
73. A cheque is a bill of exchange drawn on a banker payable on demand.
Except as otherwise provided in this Part, the provisions of this Ordinance applicable to a bill of exchange payable on demand apply to a cheque.
74. Subject to the provisions of this Ordinance--
(1.) Where a cheque is not presented for payment within a reasonable time of its issue, and the drawer or the person on whose account it is drawn had the right at the time of such presentment as between him and the banker to have the cheque paid and suffers actual damage through the delay, he is discharged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such banker to a larger amount than he would have been had such cheque been paid.
(2.) In determining what is a reasonable time regard shall be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case.
(3.) The holder of such cheque as to which such drawer or person is discharged shall be a creditor, in lieu of such drawer or person, of such banker to the extent of such discharge and entitled to recover the amount from him.
75. The duty and authority of a banker to pay a cheque drawn on him by his customer are determined by-
(1.) Countermand of payment:
(2.) Notice of the customer's death.
Crossed Cheques.
76. (1.) Where a cheque bears across its face an addition of-
(a.) The words "and company" or any abbreviation thereof between two parallel transverse lines, either with or without the words "not negotiable;" or
(b.) Two parallel transverse lines simply, either with or without the words "not negotiable;" that addition constitutes a crossing, and the cheque is crossed generally.
(2.) Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable,” that addition constitutes a crossing, and the cheque is crossed specially and to that banker.
77. (1.) A cheque may be crossed generally or specially by the drawer.
(2.) Where a cheque is uncrossed, the holder may cross it generally or specially.
(3.) Where a cheque is crossed generally the holder may cross it specially.
(4.) Where a cheque is crossed generally or specially, the holder may add the words “not negotiable."
(5.) Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker for collection.
(6.) Where an uncrossed cheque, or a cheque crossed generally, is sent to a banker for collection, he may cross it specially to himself.
Cheque defined.
Presentment of cheque for payment.
Revocation of banker's authority.
General and special crossings defined.
Crossing by drawer or after issue.
423
...
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
(4.) Where a bill is drawn out of but payable in this Colony and the sum payable is not expressed in the currency of this Colony, the amount shall, in the absence of some express stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable.
(5.) Where a bill is drawn in one country and is payable in another, the due date thereof is determined according to the law of the place where it is payable.
PART III.
CHEQUES ON A BANKER.
73. A cheque is a bill of exchange drawn on a banker payable on demand.
Except as otherwise provided in this Part, the provisions of this Ordinance applicable to a bill of exchange payable on demand apply to a cheque.
74. Subject to the provisions of this Ordinance--
(1.) Where a cheque is not presented for payment within a reasonable time of its issue, and the drawer or the person on whose account it is drawn had the right at the time of such pre- sentment as between him and the banker to have the cheque paid and suffers actual da- mage through the delay, he is discharged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such banker to a larger amount than he would have been had such cheque been paid.
(2.) In determining what is a reasonable time regard shall be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case.
(3.) The holder of such cheque as to which such drawer or person is discharged shall be a creditor, in lieu of such drawer or person, of such banker to the extent of such discharge and entitled to recover the amount from him.
75. The duty and authority of a banker to pay a cheque drawn on him by his customer are determined by-
(1.) Countermand of payment:
(2.) Notice of the customer's death.
Crossed Cheques.
76. (1.) Where a cheque bears across its face an addi- tion of-
(a.) The words "and company" or any abbreviation thereof between two parallel transverse lines, either with or without the words "not nego- tiable;" or
(b.) Two parallel transverse lines simply, either with
or without the words “not negotiable;" that addition constitutes a crossing, and the cheque is crossed generally.
(2.) Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable,” that addition constitutes a crossing, and the cheque is crossed specially and to that bauker.
77. (1.) A cheque may be crossed generally or specially by the drawer.
(2.) Where a cheque is uncrossed, the holder may cross it generally or specially.
(3.) Where a cheque is crossed generally the holder may cross it specially.
(4.) Where a cheque is crossed gencrally or specially, the holder may add the words “not negotiable."
(5.) Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker for collection.
(6.) Where an unerossed cheque, or a cheque crossed ge- nerally, is sent to a banker for collection, he may cross it specially to himself,
Cheque defined.
Presentment
of cheque for payment.
Revocation of banker's authority.
General and special cross- ings defined.
Crossing by
drawer or
after issue.
423
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