Bills of Exchange Amendment Act 1986 (Cth)

Bills of Exchange Amendment Act 1986

No. 146 of 1986

An Act to amend the Bills of Exchange Act 1909, and for related purposes

[Assented to 11 December 1986]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c. 1. (1) This Act may be cited as the Bills of Exchange Amendment Act 1986. (2) The Bills of Exchange Act 19091 is in this Act referred to as the Principal Act.

Commencement 2. This Act shall come into operation on the day on which the Cheques and Payment Orders Act 1986 comes into operation.

Application of Act 3. Section 6 of the Principal Act is amended by adding at the end the following sub-section: "(2) This Act does not apply to an instrument to which the Cheques and Payment Orders Act 1986 applies.".

Sum payable 4. Section 14 of the Principal Act is amended— (a) by omitting from sub-section (1) "paid—" and substituting "paid with, by or according to, as the case requires, any one or more of the following, namely:"; (b) by omitting from paragraph (1) (a) "with interest" and substituting "interest or bank charges"; (c) by omitting from paragraphs (1) (b) and (c) "by"; (d) by omitting from paragraph (1) (d) "according to" (wherever occurring); and (e) by omitting sub-section (2) and substituting the following sub-section: "(2) Where more than one sum is expressed to be payable in a bill, the lesser or least, as the case may be, of the sums so expressed to be payable shall be taken to be the only sum ordered to be paid by the bill.".

Noting or protest of bill 5. Section 56 of the Principal Act is amended— (a) by omitting from sub-section (4) "twenty-four" and substituting "48"; and (b) by omitting from paragraph (a) of the proviso to sub-section (6) all the words after "returned" (last occurring) and substituting "not later than the next business day after the day of its return".