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

 

(a) the validity of a bill as regards requisites in form
is determined by the law of the place of issue, and the
validity as regards requisites in form of the super-
vening contracts, such as acceptance, or indorsement,
or acceptance supra protest, is determined by the law
of the place where such contract was made*

Provided that —

(i) where a bill is issued out of the Colony, it is
not invalid by reason only that it is not stamped
in accordance with the law of the place of issue;

(ii) where a bill issued out of the Colony con-
forms, as regards requisites in form, to the law of
the Colony, it may, for the purpose of enforcing
payment thereof, be treated as valid as between
all persons who negotiate, hold, or become parties
to it in the Colony;

(6) subject to the provisions of this Ordinance, the
interpretation of the drawing, indorsement, acceptance,
or acceptance supra protest of a bill, is determined by the
law of the place where such contract is made:

Provided that where an inland bill is indorsed in a
foreign country, the indorsement shall, as regards the
paver, be interpreted according to the law of the
Colony ;

(c) the duties of the holder with respect to present-
ment for acceptance or payment, and the necessity for
or sufficiency of a protest or notice of dishonour, or
otherwise, are determined by the law of the place where
the act is done or the bill is dishonoured ;

(@) where a bill is drawn out of but payable in the
Colony, and the sum payable is not expressed in the
currency of the United Kingdom, or in dollars, or in
dollars and cents, the amount shall, in the absence of
some express stipulation, be calculated according to
the rate of exchange for sight drafts at the place of
payment on the day the bill is payable ;

(ec) where a bill is drawn in one country and is
payable in another, the due date thereof is determined
according to the law of the place where it is payable.

50 (2)

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