Report No. 11

41. Section 4.-

As would appear from the second paragraph of section 5 and section 21, a promissory note may be payable either 'on demand' or 'at a fixed or determinable future time'. But though the law in .India is not different from that in England, this is not quite clear from the existing definition of "promissory note". We have, accordingly, added these words to the definition of "promissory note", and also added a separate provision,1 on the lines of section 11 of the English Act, to explain what is meant by "at a determinable future time".

1. Section 17 of App I.