the-ordinances-of-the-legislative-counci-1890v4 — Page 37

1854 ORDINANCE No. 9 of 1885.


Bills of Exchange.


Certainty 7. ( 1. ) Where a bill is not payable to bearer, the payee must be
required as
to payee. 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.

What bills 8. ( 1. ) Where a bill contains words prohibiting transfer , or indica
are negoti
able. ting 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
1
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 .

Sum payable. 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.