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Bills Of Exchange - Supplementary (Ss 95-101)


Published: 1964-11-19

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ARRANGEMENT OF SECTIONS

   SECTION

 

PART I
Preliminary

              1.         Short title

              2.         Interpretation

 

PART II
Bills of Exchange

Form and Interpretation

              3.         Bill of exchange defined

              4.         Effect where different parties to a bill are the same person

              5.         Address to drawee

              6.         Certainty required as to payee

              7.         What bills are negotiable

              8.         Sum payable

              9.         Bill payable on demand

            10.         Bill payable at future time

            11.         Omission of date in bill payable after date

            12.         Antedating and postdating

            13.         Computation of time of payment

            14.         Referee in case of need

            15.         Optional stipulations by drawer or indorser

            16.         Definition and requisites of acceptance

            17.         Time for acceptance

            18.         General and qualified acceptances

            19.         Inchoate instruments

            20.         Delivery as requirement for contract on a bill

 

Capacity and Authority of Parties

            21.         Capacity of parties

            22.         Signature as requirement for liability

            23.         Forged and unauthorized signatures

            24.         Procuration signature

            25.         Signature as agent or in representative capacity

 

Consideration for a Bill

            26.         Value and holder for value

            27.         Accommodation bill of party

            28.         Holder in due course

            29.         Presumption as to value and good faith

 

Negotiation of Bills

            30.         Negotiation of bill

            31.         Manner of indorsing

            32.         Indorsement in blank and special indorsement

            33.         Restrictive indorsement

            34.         Conditional indorsement

            35.         Continuance of negotiability and negotiation of overdue or dishonoured bill

            36.         Negotiation of bill to party already liable thereon

            37.         Rights and powers of the holder

 

General Duties of the Holder

            38.         When presentment for acceptance is necessary, and delay in such presentment

            39.         Time for presenting the acceptance bill payable after sight

            40.         Rules as to presentment for acceptance, and excuses for non-presentment

            41.         Failure to accept within customary time

            42.         When bill is dishonoured by non-acceptance, and consequences thereof

            43.         Duties as to and consequences of qualified acceptance

            44.         Rules as to presentment for payment

            45.         When presentment for payment may be delayed or dispensed with

            46.         When bill is dishonoured by non-payment and consequences thereof

            47.         Notice of dishonour and effect of failure to give such notice

            48.         Rules as to notice of dishonour

            49.         When notice of dishonour may be delayed or dispensed with

            50.         Protest of bill and consequences of failure to protest

            51.         Duties of holder as regards acceptor

 

Liabilities of Parties

            52.         Liability of drawee

            53.         Liability of acceptor

            54.         Liability of drawer and of indorser

            55.         Liability of stranger signing a bill

            56.         Damages recoverable from parties to dishonoured bill

            57.         Liability of transferor by delivery

 

Discharge of Bill

            58.         Discharge by payment in due course

            59.         Banker paying demand draft where indorsement is forged

            60.         Discharge by acceptor becoming holder

            61.         Discharge by waiver

            62.         Discharge by cancellation of bill and discharge of party by cancellation of his signature

            63.         Effect of alteration of bill or acceptance

 

Acceptance and Payment for Honour, and Payment by Referee in case of
 need

            64.         Acceptance for honour supra protest, and maturity of certain bills so accepted

            65.         Liability of acceptor for honour

            66.         Presentment to acceptor for honour and referee in case of need

            67.         Payment for honour supra protest

 

Lost Instruments

            68.         Holder's rights if bill is lost

            69.         Action upon lost bill

 

Bill in a Set

            70.         Rules as to a bill in a set

 

Conflict of Laws

            71.         Rules if laws conflict

 

PART III
Cheques

General Provisions

            72.         Application of Act to cheques

            73.         Presentment of cheque for payment

            74.         Revocation of bankers' authority

            75.         Consequences of failure to protest

 

Crossed Cheques

            76.         General and special crossings on cheques

            77.         Crossing by drawer, or after issue

            78.         Crossing a material part of cheque

            79.         Duties of bankers as to crossed cheques

            80.         Protection to banker and drawer where cheque is crossed

            81.         Effect of crossing on holder

            82.         True owner of stolen or lost crossed cheque marked "Not Negotiable" entitled to compensation from certain subsequent possessors

            83.         Application of sections 76 to 82 to certain documents other than cheques

 

Unindorsed or Irregularly Indorsed Instruments

            84.         Effect of payment to or crediting of accounts by bankers of amounts of unindorsed or irregularly indorsed cheques and certain other documents

            85.         Rights of bankers regarding irregularly indorsed cheques

            86.         Effect of payment of irregularly indorsed cheques, etc.

            87.         Negotiability of documents referred to in sections 84, 85 and 86.

 

PART IV
Promissory Notes

 

            88.         Promissory note defined

            89.         Delivery necessary

            90.         Joint or joint and several liability on notes

            91.         Time of presentment for payment of note payable on demand and indorsed

            92.         Presentment of note for payment

            93.         Liability of maker

            94.         Application to notes of provisions relating to bills

 

PART V
Supplementary

            95.         Good faith

            96.         Signature

            97.         Computation of time

            98.         When noting equivalent to protest

            99.         Protest when notary not accessible

           100.         Application of Act to dividend warrants, etc.

           101.         Laws that are not affected by this Act

 

                        Schedule - Form of Protest which may in terms of Section 99 be Used when the Services of a Notary Cannot be Obtained

 

Law 30, 1964,
L.N. 84, 1966,
Act 30, 1983,
 S.I. 83, 1984

An Act to consolidate and amend the law relating to bills of exchange, cheques and promissory notes.

 [Date of Commencement: 19th November, 1964]

95.     Good faith

          A thing is deemed to be done in good faith within the meaning of this Act, if it is in fact done honestly, whether it is done negligently or not.

96.     Signature

          Where by this Act, any instrument or writing is required to be signed by any person it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person, by or under his authority, and the authorized sealing with a seal of a corporation shall be sufficient and be deemed to be equivalent to the signing or indorsement of any such instrument or writing.

97.     Computation of time

          Where by this Act the time limited for doing any act or thing is less than four days, non-business days are excluded in reckoning such time.

98.     When noting equivalent to protest

          Where a bill or note is required to be protested within a specified time or before some further proceeding is taken, it is sufficient, for the purposes of this Act, that the bill or note has been noted for protest before the expiration of the specified time or the taking of the proceeding, and the formal protest may be extended at any time thereafter as of the date of the noting.

99.     Protest when notary not accessible

          (1) Where a dishonoured bill or note is authorized or required to be protested, and the services of a notary cannot be obtained at the place where the bill or note is dishonoured, any landowner or householder of the place may, in the presence of two witnesses, give a certificate, signed by them, attesting the dishonour of the bill, and the certificate shall in all respects operate as if it were a formal protest of the bill.

          (2) The form set out in the Schedule may be used with the necessary modifications for such certificate, and if so used, shall be sufficient.

100.   Application of Act to dividend warrants, etc.

          The provisions of this Act as to crossed cheques shall apply also to warrants for the payment of dividends, to coupons for payment of interest and to postal and money orders.

101.   Laws that are not affected by this law

          Nothing in this Act shall affect or in any way restrict-

    (a)     any law relating to stamp duty or revenue;

    (b)     any law relating to banks;

    (c)     any law relating to companies;

    (d)     the procedure and practice in regard to the granting of provisional sentence in judicial proceedings.

SCHEDULE
FORM OF PROTEST WHICH MAY IN TERMS OF SECTION 99 BE USED
WHEN THE SERVICES OF A NOTARY CANNOT BE OBTAINED

    Know all men that I, A.B., landowner or householder of .....................................................
in the district of     at the request of C.D., there being no notary available, did on the ........... day of ..................................... 20 ............ at ...........................................................................
demand payment or acceptance from E.F., of the bill of exchange which or a copy of which is hereto annexed, to which demand he answered (state answer, if any) wherefore I now in the presence of G.H., and J.K., do protest the said bill of exchange.

 

A.B. .........................................................

Witnesses:
G.H. ..........................................
J.K. ..........................................

 

    N.BThe bill itself or a copy of the bill and of everything appearing thereon should be annexed.