1901_BILLS_OF_EXCHANGE_ORDINANCE__1885 — Page 26

L.D. 1885.

of a hill hole bill is

cepted, or ties there-

letermined is regards cceptance ed by the

ed that-- invalid by the law of

s regards for the

; valid as rties to it

etation of i protest

contract sed in a payer, be

ir accept-

a protest

he law of

and the Colony, ation, be Ets at the

another. y of the

payable

A.D. 1885.]

BILLS OF EXCHLANGE.

[No. 3.

485

(2.) Except as otherwise provided in this Pari, 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,

Presentment

payment.

(1.) where a cheque is not presented for payment within a reasonable of cheque for

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 be- tween 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, be

tween two parallel transverse lines, either with or without the words “not negotiable“; or

(6.) 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 beurs across its face an addition of the name of a banker, either with or without the words not negotiable”, that addi- tion constitutes a crossing, and the cheque is crossed specially and to that banker.

Revocation of banker's authority.

Definition

of general and special crossings.

77.--(1.) A cheque may be crossed generally or specially by the Crossing by 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.

drawer or

after issue.

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