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Table of Contents
Bills of Exchange Act, 1964 (Act No. 34 of 1964)
Act
1. Definitions
Chapter I
Bills of Exchange - form and interpretation
2. Definition of and requirements for bill of exchange
3. Effect if different parties to a bill are the same person, or drawee a fictitious person or not having capacity to contract
4. Requirements as to drawee
5. Requirements as to payee
6. Negotiability of bills
7. Sum payable
8. When bill is payable on demand
9. When a future time is determinable
10. Omission of date in bill payable after date
11. Presumption as to correctness of date, and antedating and post-dating, and date of a non-business day
12. Computation of time of payment
13. REPEALED
14. Optional stipulations by drawer or indorser
15. Definition and requisites of acceptance
16. Time for acceptance
17. General and qualified acceptances
18. Inchoate instruments
19. Delivery as requirement for contract on a bill
Capacity and authority of parties
20. Capacity of parties
21. Signature as requirement for liability
22. Forged and unauthorized signatures
23. REPEALED
24. Signature as agent or in representative capacity
The consideration for a bill
25. Holder for value
26. Accommodation bill or party
27. Holder in due course
28. Presumption as to value and good faith
Negotiation of bills
29. Negotiation of bill
30. Manner of indorsing
31. Indorsement in blank and special indorsement
32. Restrictive indorsement
33. Conditional indorsement
34. Continuance of negotiability, and negotiation of overdue or dishonoured bill
35. Negotiation of bill to party already liable thereon
36. Rights and powers of the holder
General duties of the holder
37. When presentment for acceptance is necessary, and delay in such presentment
38. Time for presenting for acceptance bill payable after sight
39. Rules as to presentment for acceptance, and excuses for non-presentment
40. Failure to accept within customary time
41. When bill is dishonoured by non-acceptance, and consequences thereof
42. Duties as to and consequences of qualified acceptance
43. Rules as to presentment for payment
43A. Presentment for payment by bank
44. When presentment for payment may be delayed or dispensed with
45. When bill is dishonoured by non-payment, and consequences thereof
46. Notice of dishonour and effect of failure to give such notice
47. Rules as to notice of dishonour
48. When notice of dishonour may be delayed or dispensed with
49. Protest of bill, and consequences of failure to protest
50. Duties of holder towards acceptor as regards presentment for payment, protest and notice of dishonour, and towards payer on payment of bill
Liabilities of parties
51. Liability of drawee
52. Liability of acceptor
53. Liability of drawer and of indorser
54. Liability of stranger signing bill
54A. Liability of signer of aval
55. Damages recoverable from parties to dishonoured bill
56. Liability of transferor by delivery
Discharge of bill
57. Discharge by payment in due course
58. Bank paying demand draft where indorsement is forged
59. Discharge by acceptor becoming holder
60. Discharge by waiver
61. Discharge by cancellation of bill, and discharge of party by cancellation of his signature
62. Effect of alteration of bill or acceptance
Acceptance and payment for honour, and payment by referee in case of need
63. REPEALED
64. REPEALED
65. REPEALED
66. REPEALED
Lost instruments
67. Holder's rights if bill or note is lost or destroyed
68. Action upon lost bill or note
Bill in a set
69. Rules as to a bill in a set
Conflict of laws
70. Rules if laws conflict
Chapter II
Cheques - generally
71. Applicability to cheques of certain provisions relating to certain other bills
72. Presentment of cheque for payment
72A. Liability of drawee who has certified cheque
72B. Prevention of fraud
73. Revocation of bank's authority
74. REPEALED
Crossed cheques
75. General and special crossings on cheques
75A. Non-transferable cheques
76. Crossings by drawer, or after issue
77. Crossing material part of cheque
78. Duties of banks as to crossed cheques
79. Protection to bank and drawer where cheque is crossed
80. Effect of crossing and addition of words "not negotiable" on rights of holder
81. True owner of stolen or lost crossed cheque marked "not negotiable" entitled to compensation from certain subsequent posessors
82. Application of sections 75 to 81 to certain documents other than cheques
Unindorsed or irregularly indorsed instruments
83. Effect of payment to or crediting of accounts by bankers of amounts of unindorsed or irregularly indorsed cheques and certain other documents
84. Rights of banks if unindorsed or irregularly indorsed cheques or certain other documents are delivered to them for collection
85. Evidential value of payment of unindorsed or irregularly indorsed cheques or certain other documents
86. Negotiability of documents referred to in sections 83, 84 and 85
Chapter III
Promissory notes
87. Promissory note defined
88. Delivery a requirement for coming into existence of note
89. Joint or joint and several liability on notes
90. Time of presentment for payment of note payable on demand and indorsed
91. Presentment of note for payment
92. Liability of maker
93. Application to notes of provisions relating to bills
Chapter IV
Supplementary provisions
94. Good faith
95. Signature
96. Computation of time
97. REPEALED
98. Protest when notary not accessible
99. Certain provisions of Act applicable to dividend warrants, coupons for interest and postal and money orders
100. Laws that are not affected by this Act
101. Repeal of laws
102. Short title
Schedules
First Schedule
Form of protest which may in terms of section ninety-eight be used when the services of a notary cannot be obtained
Second Schedule
Laws Repealed
"bill"
means a bill of exchange as defined in
section two
;
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