Bills of Exchange (Amendment) Act 1992 - Singapore Statutes Online

REPUBLIC OF SINGAPORE

GOVERNMENT GAZETTE

ACTS SUPPLEMENT

Published by Authority

NO. 34]

Friday, December 11

[1992

The following Act was passed by Parliament on 16th November 1992 and assented to by the President on 1st December 1992:—

Bills Of Exchange (Amendment) Act 1992

(No. 34 of 1992)

I assent.

WEE KIM WEE

President,

1st December 1992.

Date of Commencement: 18th December 1992

An Act to amend the Bills of Exchange Act (Chapter 23 of the 1985 Revised Edition), and to make related amendments to the Arbitration (International Investment Disputes) Act (Chapter 11 of the 1985 Revised Edition) and the Reciprocal Enforcement of Foreign Judgments Act (Chapter 265 of the 1985 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Bills of Exchange (Amendment) Act 1992 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 57

2. Section 57 of the Bills of Exchange Act (referred to in this Act as the principal Act) is amended by deleting paragraph (b).

Amendment of section 72

3. Section 72 of the principal Act is amended by deleting paragraph (d).

Amendment of section 80

4. Section 80 of the principal Act is amended by inserting, immediately after the words “crossed cheque” in the first line, the words “(including a cheque which under section 81A or otherwise is not transferable)”.

New section 81A

5. The principal Act is amended by inserting, immediately after section 81, the following section:

“Non-transferable cheques

81A.—(1) Where a cheque is crossed and bears across its face the words “account payee” or “a/c payee”, either with or without the word “only”, the cheque shall not be transferable, but shall only be valid as between the parties thereto.

(2) For the purposes of section 80, a banker is not to be treated as having been negligent by reason only of his failure to concern himself with any purported indorsement of a cheque which under subsection (1) or otherwise is not transferable.”.

Amendment of section 85

6. Section 85 (2) (a) of the principal Act is amended by inserting, immediately after the word “cheques”, the words “(including cheques which under section 81A or otherwise are not transferable)”.

Amendment of section 4 of the Arbitration (International Investment Disputes) Act

7. Section 4 of the Arbitration (International Investment Disputes) Act (Cap. 11) is amended by deleting subsection (2).

Amendment of section 4 of the Reciprocal Enforcement of Foreign Judgments Act

8. Section 4 of the Reciprocal Enforcement of Foreign Judgments Act (Cap. 265) is amended by deleting subsection (3).

Transitional and savings provision

9.—(1) Notwithstanding the deletion of sections 57(b) and 72(d) of the principal Act, those provisions shall continue in force and have effect in relation to bills drawn before the commencement of this Act as if this Act had not been enacted.

(2) Notwithstanding the deletion of section 4(2) of the Arbitration (International Investment Disputes) Act (Cap. 11) and section 4(3) of the Reciprocal Enforcement of Foreign Judgments Act, those provisions shall continue in force and have effect in relation to judgments and awards registered before the commencement of this Act as if this Act had not been enacted.

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