Bills of Exchange Act

(CHAPTER 23)

(Original Enactment: M Ordinance 75 of 1949)

REVISED EDITION 1999

(1st August 1999)

An Act relating to bills of exchange, cheques and promissory notes.

[1st July 1965]

PART I

PRELIMINARY

Short title

1. This Act may be cited as the Bills of Exchange Act.

Interpretation

2. In this Act, unless the context otherwise requires —

“acceptance” means an acceptance completed by delivery or notification;

“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]

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