Bills of Exchange Act 1961 (NI)

NORFOLK ISLAND

BILLS OF EXCHANGE ACT 1961

[Consolidated as at 31 May 2007 on the authority of the Administrator and in accordance with the Enactments Reprinting Act 1980]

TABLE OF PROVISIONS

PART 1 - PRELIMINARY 1. Short title 2. Commencement 3. Parts 4. Definitions 5. Application of Act

part 2 – bills of exchange Division 1 – Form and Interpretation 6. Bills of exchange defined 7. Inland and foreign bills 8. Effect where different parties to bill are the same person 9. Address to drawee 10. Certainty required as to payee 11. What bills are negotiable 12. Sum payable 13. Bill payable on demand 14. Bill payable at a future time 15. Omission of date in bill payable after date 16. Ante-dating and post-dating 17. Computation of time of payment 18. Case of need 19. Optional stipulations by drawer or indorser 20. Definition and requisites of acceptance 21. Time for acceptance 22. General and qualified acceptances 23. Inchoate instruments 24. Delivery Division 2 – Capacity and Authority of Parties 25. Capacity of parties 26. Signature essential to liability 27. Forged or unauthorised signature 28. Procuration signatures 29. Person signing as agent or in representative capacity Division 3 – The Consideration for a Bill 30. Value and holder for value 31. Accommodation bill or party 32. Holder in due course 33. Presumption of value and good faith Division 4 – Negotiation of Bills 34. Negotiation of bill 35. Requisites of a valid indorsement 36. Conditional indorsement 37. Indorsement in blank and special indorsement 38. Restrictive indorsement 39. Negotiation of overdue or dishonoured bill 40. Negotiation of bill to party already liable thereon 41. Rights of holder Division 5 – General Duties of the Holder 42. When presentment for acceptance is necessary 43. Time for presenting bill payable after sight 44. Rules as to presentment for acceptance and excuses for non-presentment 45. Non-acceptance 46. Dishonour by non-acceptance and its consequences 47. Duties as to qualified acceptances 48. Rules as to presentment for payment 49. Excuses for delay or non-presentment for payment 50. Dishonour by non-payment 51. Notice of dishonour and effect of non-notice 52. Rules as to notice of dishonour 53. Excuses for non-notice and delay 54. Noting or protest of bills 55. Duties of holder as regards drawee or acceptor Division 6 – Liabilities of Parties 56. Funds in hands of drawee 57. Liability of acceptor 58. Liability of drawer or indorser 59. Stranger signing bill liable as indorser 60. Measure of damages against parties to dishonoured bill 61. Transfer by delivery and transferee Division 7 –Discharge of Bill 62. Payment in due course 63. Banker paying demand draft whereon indorsement is forged 64. Acceptor the holder at maturity 65. Express waiver 66. Cancellation 67. Alteration of bill Division 8 –Acceptance and Payment for Honour 68. Acceptance for honour supra protest 69. Liability of acceptor for honour 70. Presentment to acceptor for honour 71. Payment for honour supra protest Division 9 – Lost Instruments 72. Holder's right to duplicate of lost bill 73. Action on lost bill Division 10 – Bill in a Set 74. Rules as to sets Division 11 – Conflict of Laws 75. Rules where laws conflict