to bill are the same person.

as

a

Address to

islands of Man, Guernsey, Jersey, Alderney, and Sark, and the islands adjacent to any of them being part of the dominions of Her Majesty.

(2.) Unless the contrary appear on the face of the bill, the

holder may treat it as an inland bill. Effect where

5.-(1.) A bill may be drawn payable to, or to the order of, different parties the drawer; or it may be drawn payable to, or to the order of,

the drawee.

(2.) Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or promissory note.

6.-(1.) The drawee must be named or otherwise indicated in drawee. a bill with reasonable certainty.

(2.) A bill may be addressed to two or more drawees whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more drawees in

succession is not a bill of exchange. Certainty re

7.—(1.) Where a bill is not payable to bearer, the payee quired as to payee.

must be 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 are 8.-1.) When a bill contains words prohibiting transfer, or negotiable. indicating 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 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 Act, although it is required to be paid

(a.) With interest.

а

demand.

future time.

(6.) 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.

(3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof. 10.-(1.) A bill is payable on demand

Bill payable on (a.) Which is expressed to be payable on demand, or at sight,

or on presentation; or (6.) In which no time for payment is expressed.

(2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the accceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.

11. A bill is payable at a determinable future time within the bill payable at a meaning of this Act which is expressed to be payable

(1.) At a fixed period after date or sight.
(2.) On or at a fixed period after the occurrence of a specified

event which is certain to happen, though the time of

happening may be uncertain. An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.

12. Where a bill expressed to be payable at a fixed period after Omission of date date is issued undated, or where the acceptance of a bill payable after date.

in bill payable at a fixed period after sight is undated, any holder

may

insert therein the true date of issue or acceptance, and the bill shall be payable accordingly.

Provided that (1) where the holder in good faith and by mistake inserts a wrong date, and (2) in every case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course the bill shall not be avoided thereby, but shall operate and be payable as if the date so inserted had been the true date. 13.-(1.) Where a bill or an acceptance or any indorsement on Ante-dating and

post-dating. a bill is dated, the date shall, unless the contrary be proved, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.

(2.) A bill is not invalid by reason only that it is ante-dated or post-dated, or that it bears date on a Sunday.

a

Computation of 14. Where a bill is not payable on demand the day on which time of payment it falls due is determined as follows: 34 Vict. c. 17.

(1.) Three days, called days of grace, are, in every case

where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace : Provided

that(a.) When the last day of grace falls on Sunday, Christmas

Day, Good Friday, or a day appointed by Royal proclamation as a public fast or thanksgiving day, the bill is, except in the case hereinafter provided for,

due and payable on the preceding business day ; (6.) When the last day of grace is a bank holiday (other

than Christmas Day or Good Friday) under the Bank Holidays Act, 1871, and Acts amending or extending it, or when the last day of grace is a Sunday and the second day of grace is a bank holiday, the bill is due

and payable on the succeeding business day. (2.) Where a bill is payable at a fixed period after date, after

sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by

including the day of payment. (3.) Where a bill is payable at a fixed period after sight, the

time begins to run from the date of the acceptance if
the bill be accepted, and from the date of noting or
protest if the bill be noted or protested for non-accep-

tance, or for non-delivery.
(4.) The term “month” in a bill means calendar month.

15. The drawer of a bill and any indorser may insert therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment.

Such person is called the referee in case of need. It is in the option of the holder to resort to the referee

in case of need or not as he may think fit. Optional stipula - 16. The drawer of a bill, and any indorser, may insert therein tions by drawer

an express stipulation

(1.) Negativing or limiting his own liability to the holder:
(2.) Waiving as regards himself some or all of the holder's

duties. Definition and 17.-(1.) The acceptance of a bill is the signification by the requisites of

drawee of his assent to the order of the drawer. acceptance.

(2.) An acceptance is invalid unless it complies with the following conditions, namely: (a.) It must be written on the bill and be signed by the

drawee. The mere signature of the drawee without additional words is sufficient.

a

Case of need.

or indorser.

(6.) It must not express that the drawee will perform his

promise by any other means than the payment of

money. 18. A bill may be accepted :

Time for (1.) Before it has been signed by the drawer, or while other- acceptance,

wise incomplete : (2.) When it is overdue, or after it has been dishonoured by

a previous refusal to accept, or by nonpayment :
(3.) When a bill payable after sight is dishonoured by non-

acceptance, and the drawee subsequently accepts it, the
holder in the absence of any different agreement, is
entitled to have the bill accepted as of the date of

first presentment to the drawee for acceptance. 19.1) An acceptance is either (a) general or (b) qualified. General and (2.) A general acceptance assents without qualification to the qualified

acceptances. order of the drawer. A qualified acceptance in express

terms varies the effect of the bill as drawn. In particular an acceptance is qualified which is(a.) conditional, that is to say, which makes payment by the

acceptor dependent on the fulfilment of a condition

therein stated : (6.) partial, that is to say, an acceptance to pay part only of

the amount for which the bill is drawn :
(c.) local, that is to say, an acceptance to pay only at a par-

ticular specified place.
An acceptance to pay at a particular place is a general

acceptance, unless it expressly states that the bill is to

be paid there only and not elsewhere : (d.) qualified as to time : (e.) the acceptance of some one or more of the drawees, but

not of all. 20.-(1.) Where a simple signature on a blank stamped paper Inchoate instruis delivered by the signer in order that it may be converted into a bill, it operates as a prima facie authority to fill it up as a complete bill for any amount the stamp will cover, using the signature for that of the drawer, or the acceptor, or an indorser ; and, in like manner, when a bill is wanting in any material particular, the person in possession of it has a primâ facie authority to fill up the omission in any way he thinks fit.

(2.) In order that any such instrument when completed may be i enforceable against any person who became a party thereto prior to its completion, it must be filled up within a reasonable time, and strictly in accordance with the authority given. Reasonable time for this purpose is a question of fact.

Provided that if any such instrument after completion is negotiated to a holder in due course it shall be valid and effectual for all purposes in his hands, and he may enforce it as

ments.

Delivery.

if it had been filled up within a reasonable time and strictly in
accordance with the authority given.

21.-(1.) Every contract on a bill, whether it be the drawer's,
the acceptor's, or an indorser's, is incomplete and revocable,
until delivery of the instrument in order to give effect thereto.

Provided that where an acceptance is written on a bill, and
the drawee gives notice to or according to the directions of the
person entitled to the bill that he has accepted it, the accept-
ance then becomes complete and irrevocable.

(2.) As between immediate parties, and as regards a remote
party other than a holder in due course, the delivery-
(a.) in order to be effectual must be made either by or under

the authority of the party drawing, accepting, or in

dorsing, as the case may be :
(6.) may be shown to have been conditional or for a special

purpose only, and not for the purpose of transferring

the property in the bill.
But if the bill be in the hands of the holder in due course a
valid delivery of the bill by all parties prior to him so as to make
them liable to him is conclusively presumed.

(3.) Where a bill is no longer in the possession of a party who
has signed it as drawer, acceptor, or indorser, a valid and uncon-
ditional delivery by him is presumed until the contrary is
proved.

Capacity and Authority of Parties.
22.-(1.) Capacity to incur liability as a party to a bill is co-
extensive with capacity to contract.

Provided that nothing in this section shall enable a corporation
to make itself liable as drawer, acceptor, or indorser of a bill
unless it is competent to it so to do under the law for the time
being in force relating to corporations.

(2.) Where a bill is drawn or indorsed by an infant, minor,
or corporation having no capacity or power to incur liability
on a bill, the drawing or indorsement entitles the holder to
receive payment of the bill, and to enforce it against any other
party thereto.

23. No person is liable as drawer, indorser or acceptor, of a
bill who has not signed it as such. Provided that
(1.) Where a person signs a bill in a trade or assumed name,

he is liable thereon as if he had signed it in his own

Capacity of parties.

Signature essential to liability.

name.

(2.) The signature of the name of a firm is equivalent to the

signature by the person so signing of the names of all

persons liable as partners in that firm.
24. Subject to the provisions of this Act, where a signature
on a bill is forged or placed thereon without the authority of

Forged or unauthorised signature.