Bills of Exchange Act 1949

Bills of Exchange Act 1949 2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 An Act relating to bills of exchange, cheques and promissory notes. [1 July 1965] PART 1 PRELIMINARY Short title 1. This Act is the Bills of Exchange Act 1949. Interpretation 2. In this Act, unless the context otherwise requires — “acceptance” means an acceptance completed by delivery or notification; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; “bank holiday” and “public holiday” respectively include any day declared to be such under any written law for the time being in force and includes any day (other than a Sunday) observed as a weekly holiday; “banker” includes a body of persons, whether incorporated or not, who carry on the business of banking; “bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy; “bearer” means the person in possession of a bill or note which is payable to bearer; “bill” means bill of exchange; “delivery” means transfer of possession, actual or constructive, from one person to another; “holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof; “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; “note” means promissory note; “Singapore bill” means a bill drawn payable in Singapore currency; “suit” includes action, counterclaim and set-off; “value” means valuable consideration.