Bills of Exchange.
payment thereof, be treated as valid as between all persons who negotiate, hold, or become parties to it in this Colony;
(b) subject to the provisions of this Ordinance, the interpretation of the drawing, indorsement, acceptance, or acceptance suprà protest of a bill is determined by the law of the place where such contract is made: Provided that where an inland bill is indorsed in a foreign country, the indorsement shall, as regards the payer, be interpreted according to the law of this Colony;
(c) the duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured;
(d) 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, if the bill is paid in this Colony and in the currency of this Colony, shall, in the absence of any express stipulation, be calculated according to the rate of exchange for sight drafts in this Colony on the day on which the bill is actually paid; and
(e) 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.
[CAP. 19
73. (1) A cheque is a bill of exchange drawn on a banker payable on demand.
(2) 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—
(a) 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
387
cheque.
Presentment of cheque for payment.
Bills of Exchange.
payment thereof, be treated as valid as between all persons who negotiate, hold, or become parties to it in this Colony;
(b) subject to the provisions of this Ordinance, the interpretation of the drawing, indorsement, accep- tance, or acceptance suprà protest of a bill is deter- mined by the law of the place where such contract is made: Provided that where an inland bill is indorsed in a foreign country, the indorsement shall, as regards the payer, be interpreted according to the law of this Colony;
(c) the duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured; (d) 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, if the bill is paid in this Colony and in the currency of this Colony, shall, in the absence of any express stipula- tion, be calculated according to the rate of exchange. for sight drafts in this Colony on the day on which the bill is actually paid; and
(e) 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.
[CAP. 19
73. (1) A cheque is a bill of exchange drawn on a Definition of banker payable on demand.
(2) Except as otherwise provided in this Part, the pro- visions of this Ordinance applicable to a bill of exchange payable on demand apply to a cheque.
74. Subject to the provisions of this Ordinance— (a) 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
387
cheque.
Presentment
of cheque for payment.
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