1950_BILLS_OF_EXCHANGE_ORDINANCE — Page 3

Bills of Exchange.

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PART II.

BILLS OF EXCHANGE.

Form and Interpretation.

bill of

3. (1) A bill of exchange is an unconditional order Definition of in writing, addressed by one person to another, signed by exchange. 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 reimburse 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 Inland and 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.

(2) Any other bill is a foreign bill.

(3) Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill.

foreign bills.

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