408
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
Inland and foreign bills.
Effect where different parties to bill are the same person.
Address to drawee.
Certainty required as to payee.
What bills are negotiable.
Sum payable.
Bill payable on demand.
(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.
5. (1.) A bill may be drawn payable to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee.
(2.) Where in a bill, drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.
6. (1.) The drawee must be named or otherwise indicated in a bill with reasonable certainty.
(2.) A bill may be addressed to two or more drawees whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more drawees in succession is not a bill of exchange.
7. (1.) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty.
(2.) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being.
(3.) Where the payee is a fictitious or non-existing person the bill may be treated as payable to bearer.
8. (1.) When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not negotiable.
(2.) A negotiable bill may be payable either to order or to bearer.
(3.) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4.) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5.) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.
9. (1.) The sum payable by a bill is a sum certain within the meaning of this Ordinance, although it is required to be paid—
(a.) With interest.
(b.) By stated instalments.
(c.) By stated instalments, with a provision that upon default in payment of any instalment the whole shall become due.
(d.) According to an indicated rate of exchange or according to a rate of exchange to be ascertained as directed by the bill.
(2.) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof.
10. (1.) A bill is payable on demand—
(a.) Which is expressed to be payable on demand, or at sight, or on presentation; or
(b.) In which no time for payment is expressed.
(2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.
408
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
Inland and foreign bills.
Effect where different parties to bill are the same person.
Address to drawee.
Certainty required as to payce,
What bille aro vegotiable.
Sum pay, ble.
Bill payable
on demand.
(4.) A bill is not invalid by reason→→→→
(a.) That it is not dated;
(5.) 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 inlaud bili 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.
5. (1.) A bill may be drawn payable to, or to the order of, the drawer; or it may be, drawn payable to, or to the order of, the drawec.
(2.) Where in a bill, drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note:
6. (1.) The drawee must be named or otherwise indi- catcu in a bill with reasonable certainty.
(2.) A bill may be addressed to two or more drawees whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more drawces in succession is not a bill of exchange.
7. (1.) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reason- able certainty.
(2.) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being. (3.) Where the payce is a fictitious or non-existing person the bill may be treated as payable to bearer.
8. (1.) When a bill contains words prohibiting transfer, or indicating an intcution that it should not be transferable, it is valid as between the parties thereto, but is not nego- tiable.
(2.) A negotiable bill may be payable either to order or to bearer.
(3.) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4.) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a parti- cular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5.) Where a bill, cither originally or by indorsement, is expressed to bo payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.
9. (1.) The sum payable by a bill is a sum certain within the meaning of this Ordinance, although it is required to be paid-
(a.) With interest.
(b.) By stated instalments.
(c.) By stated instalments, with a provision that upon default in payment of any instalment the whole shall become due.
(d.) According to an indicated rate of exchange or according to a rate of exchange to be ascer- tained as directed by the bill.
(2.) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof.
10. (1.) A bill is payable on demand-
(a.) Which is expressed to be payable on demand, or
at sight, or on presentation; or
(b.) In which no time for payment is expressed. (2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payablo ou demand.
No comments yet.
Private notes are available after approval.