Bills of Exchange. [Ch. 31. No. 5.

“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;
value ” means valuable consideration.

PART T.
BILLS OF EXCHANGE.

Form and interpretation.

3. (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 complv 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 re-imburse
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;

(6) that it does not specify the value given, or that
any value has been given therefor;

(c) that it docs not specify the place where it is
drawn or the place where it is payable.

4. (1) An inland bill is a bill which is or on the face of it
purports to be (a) both drawn and payable within the
Colony, or (0) drawn within the Colony upon some person
resident therein. Any other bill is a foreign bill.

(2) Unless the contrary appear on the face of the bill
the holder may treat it as an inland bill.

Bill of
exchange
defined.

Inland and
foreign bills.