Bills of Exchange Act

(Original Enactment: M Ordinance 75 of 1949)

(31st July 2004)
An Act relating to bills of exchange, cheques and promissory notes.
[1st July 1965]
Short title
1.  This Act may be cited as the Bills of Exchange Act.
2.  In this Act, unless the context otherwise requires —
“acceptance” means an acceptance completed by delivery or notification;
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);
“bank holiday” and “public holiday” respectively include any day declared to be such under any written law for the time being in force and includes any day (other than a Sunday) observed as a weekly holiday;
“banker” includes a body of persons, whether incorporated or not, who carry on the business of banking;
“bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy;
“bearer” means the person in possession of a bill or note which is payable to bearer;
“bill” means bill of exchange;
“delivery” means transfer of possession, actual or constructive, from one person to another;
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
“indorsement” means an indorsement completed by delivery;
“issue” means the first delivery of a bill or note, complete in form, to a person who takes it as a holder;
“note” means promissory note;
“Singapore bill” means a bill drawn payable in Singapore currency;
“suit” includes action, counterclaim and set-off;
“value” means valuable consideration.
[11/70; 22/2002]