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Bills of Exchange Act 22 of 2003

Bills of Exchange Act 22 of 2003

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Published by André Le Roux

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Published by: André Le Roux on Jun 21, 2009
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02/27/2011

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NEGOTIABLE INSTRUMENTSBILLS OF EXCHANGE ACT 22 OF 2003
[ASSENTED TO 21 DECEMBER 2003] [DATE OF COMMENCEMENT: 15 MAY 2004]
(Signed by the President)
ACTTo provide for the form, interpretation, negotiation, and discharge of bills of exchange,cheques, promissory notes and other documents; to provide for the general rightsand duties of holder and authority and liabilities of parties in relation to bills, cheques,promissory notes and other documents; and to provide for incidental matters.
ARRANGEMENT OF ACTCHAPTER 1DEFINITIONS
1Definitions
CHAPTER 2BILLS OF EXCHANGEPART IFORM AND INTERPRETATION
2Definition of and requirements for bill of exchange3Effect if different parties to bill are same person or drawee fictitious or non-existing person or not havingcontractual capacity4Requirements as to drawee5Requirements as to payee6Negotiability of bills7Sum payable8When bill is payable on demand9When future time is determinable10Omission of date in bill payable after date11Presumption as to correctness of date and ante-dating and post-dating and date of non-business day12Computation of time of payment13Optional stipulations by drawer or indorser 14Definition and requisites of acceptance15Time for acceptance16General and qualified acceptances17Inchoate instruments18Delivery as requirement for contract on bill
PART IICAPACITY AND AUTHORITY OF PARTIES
19Capacity of parties20Signature as requirement for liability21Forged and unauthorised signatures22Signature as agent or in representative capacity
PART IIICONSIDERATION FOR BILL
23Holder for value24Accommodation bill or party25Holder in due course26Presumption as to value and good faith
PART IVNEGOTIATION OF BILL
27Negotiation of bill28Manner of indorsing29Indorsement in blank and specific indorsement30Restrictive indorsement31Conditional indorsement32Continuance of negotiability, and negotiation of overdue or dishonoured bill33Negotiation of bill to party already liable on bill34Rights and powers of holder 
 
PART VGENERAL DUTIES OF HOLDER
35When presentment for acceptance is necessary and delay in presentment36Time for presenting for acceptance of bill payable after sight37Rules as to presentment for acceptance and excuses for non-presentment38Failure to accept within customary time39When bill is dishonoured by non-acceptance and consequences thereof 40Duties as to and consequences of qualified acceptance41Rules as to presentment for payment42Presentment for payment by bank43When presentment for payment may be delayed or dispensed with44When bill is dishonoured by non-payment and consequences thereof 45Notice of dishonour and effect of failure to give notice46Rules as to notice of dishonour 47When notice of dishonour may be delayed or dispensed with48Protest of bill and consequences of failure to protest49Duties of holder towards acceptor as regards presentment for payment, protest and notice of dishonour,and towards payer on payment of bill
PART VILIABILITIES OF PARTIES
50Liability of drawee51Liability of acceptor 52Liability of drawer and of indorser 53Liability of stranger signing bill54Liability of signer of aval55Damages recoverable from parties to dishonoured bill56Liability of transferor by delivery
PART VIIDISCHARGE OF BILL
57Discharge by payment in due course58Bank paying demand draft where indorsement is forged59Discharge by acceptor becoming holder 60Discharge by waiver 61Discharge by cancellation of bill and discharge of party by cancellation of his or her signature62Effect of alteration of bill or acceptance
PART VIIILOST OR DESTROYED BILL OR NOTE
63Holder's rights if bill or note is lost or destroyed64Action upon lost bill or note
PART IXBILL IN SET
65Rules as to bill in set
PART XCONFLICT OF LAWS
66Rules if laws conflict
CHAPTER 3CHEQUESPART ICHEQUES - GENERALLY
67Applicability to cheques of certain provisions relating to certain other bills68Presentment of cheque for payment69Liability of drawee who has certified cheque70Prevention of fraud71Revocation of bank's authority
PART IICROSSED CHEQUES
72General and specific crossings on cheques73Non-transferable cheques74Crossing by drawer or after issue
 
 75Crossing material part of cheque76Duties of banks as to crossed cheques77Protection to bank and drawer where cheque is crossed78Effect of crossing and addition of words "not negotiable" on rights of holder 79True owner of stolen or lost crossed cheque marked "not negotiable" entitled to compensation from certainsubsequent possessors80Application of sections 72 to 79 to certain documents other than cheques
CHAPTER 4UNINDORSED OR IRREGULARLY INDORSED INSTRUMENTS
81Effect of payment to or crediting of accounts by bank of amounts of unindorsed or irregularly indorsedcheques and certain other documents82Rights of bank if unindorsed or irregularly indorsed cheque or certain other document is delivered to it for collection83Evidential value of payment of unindorsed or irregularly indorsed cheque or certain other document84Negotiability of document referred to in sections 81, 82 and 83
CHAPTER 5PROMISSORY NOTES
85Promissory note defined86Delivery a requirement for coming into existence of note87Joint or joint and several liability on note88Time of presentment for payment of note payable on demand and indorsed89Presentment of note for payment90Liability of maker 91Application to notes of provisions relating to bills
CHAPTER 6GENERAL PROVISIONS
92Good faith93Signature94Computation of time95Protest of bill when service of notary cannot be obtained96Certain provisions of Act applicable to dividend warrant, coupons for interest and postal and money orders97Laws that are not affected by this Act98Savings and transitional provisions99Repeal of laws100Short title and commencementSchedule 1 - Certificate of attestation of dishonour of bill when notary is not availableSchedule 2 - Laws repealed
CHAPTER 1DEFINITIONS (s 1)1 Definitions
In this Act, unless the context otherwise indicates-
"acceptance"
means an acceptance completed by delivery or notification;
"bank"
means a body of persons, whether incorporated or not, that carries on thebusiness of banking, and includes the Bank of Namibia referred to in section 2 of the Bank of Namibia Act, 1997 (Act 15 of 1997), a banking institution defined in section 1 of the BankingInstitutions Act, 1998 (Act 2 of 1998), and the Post Office Savings Bank as defined in section1 of the Posts and Telecommunications Act, 1992 (Act 19 of 1992);
"bearer"
means the person in possession of a bill which is payable to bearer;
"bill"
means a bill of exchange as defined in section 2;
"cheque"
means a bill drawn on a bank payable on demand;

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