Cap. 19activeordinance

Bills of Exchange Ordinance

匯票條例

Full legislation

s.3

Definition of bill of exchange

(1)
A bill of exchange is an unconditional order in writing, addressed by one
                person to another, signed by the person giving it, requiring the person to whom it
                is addressed to pay on demand or at a fixed or determinable future time a sum
                certain in money to, or to the order of, a specified person or to bearer.
(2)
An instrument which does not comply with these conditions, or which orders any
                act to be done in addition to the payment of money, is not a bill of
                exchange.
(3)
An order to pay out of a particular fund is not unconditional within the meaning
                of this section; but an unqualified order to pay, coupled
with—
(a)
an indication of a particular fund out of which the drawee is to reimburse
                    himself or a particular account to be debited with the amount; or
(b)
a statement of the transaction which gives rise to the bill,
is unconditional.
(4)
A bill is not invalid by
reason—
(a)
that it is not dated;
(b)
that it does not specify the value given or that any value has been given
                    therefor;
(c)
that it does not specify the place where it is drawn or the place where it
                    is payable.
[cf. 1882 c. 61 s. 3 U.K.]