Report No. 11
Appendix IV
Table C
Showing the contents of the sections in Appendix I with the corresponding section in the existing Act
Section in Appendix I |
Contents |
Corresponding Section in existing Act |
Part I |
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General |
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Chapter I |
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Preliminary |
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Section 1 | Short title, extent and commencement | |
Section 2 | Saving Section I. para2, part. | |
Section 3 | Operation of the Act on negotiable instruments | New |
Section 4 | Definitions- | |
(1) Acceptor | Section 7, para. 3. | |
(2) Acceptor for honour | Section 7, para. 4. | |
(3) Accommodation party | New | |
(4) "At sight" "on presentment", "after sight" | Section 21 | |
(5) Banker | Section 3, amplified | |
(6) Bearer | New | |
(7) (i) Bill | New | |
(ii) Bill of exchange | Section 5, para. 1. | |
(8) Cheque | Section 6. | |
(9) Delivery | New | |
(10) "Drawer" and "drawee" | Section 7, para. 1. | |
(11) "Drawee in case of need". | Section 7, para. 2. | |
(12) "Holder" | Section 8. | |
(13) "Holder in due course" | Section 9. | |
(14) "Indorsement" "indorser" and "indorsee" | Section 15, Section 16 (1), part. | |
(15) "Inland instrument" and "Foreign instrument" | Secs. 11 and 12. | |
(16) "Instrument" | New | |
(17) "Instrument payable to bearer" | Section 13(1), Expin. (ii) | |
(18) Instrument payable to order | Section 13(i), Expin. (i) | |
(19) "Issue" | New | |
(20) "Maker" | New | |
(21) "Material alteration" | New | |
(22) "Maturity" | Section 22, para. 1 | |
(23) "Negotiable instrument" | Section 13(1) main para. | |
(24) "Negotiation" | Section 14 | |
(25) "Notary" | New | |
(26) "Note" | New | |
(27) "Payee" | Section 7, para. 5. | |
(28) "Payment in due course" | Section 10 | |
(29) "Promissory Note" | Section 4. | |
(30) "Representative" | New | |
Chapter II |
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Form and Interpretation |
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Section 5 | Applicability of the Contract Act | Section 26, para 1, modified. |
Section 6 | Incapacity of minor | Section 26, para, 2 modified |
Section 7 | Corporation's power | Section 26, para 3 |
Section 8 | Agent's authority | Section 27 |
Section 9 | Authority of partners | New |
Section 10 | Instrument made without consideration | (1) Section 43, para, 1 earlier half. |
(2) Section 43, para. 1 latter half. | ||
Section 11 | Partial absence or failure of money consideration | |
Section 12 | Partial failure of consideration not consisting of money | |
Section 13 | "Certain sum" "unconditional" "certain person" and "fictitious payee" | Section 44, para. 1. Section 45 |
(a) Section 5, para 3. | ||
(b) Section 5, para 2. | ||
(c) New | ||
(d) Section 5, para 4, | ||
(e) New | ||
Section 14 | Instruments payable on demand | (a) Section 21, earlier half |
(b) Section 19, part | ||
(c) Section 19, part | ||
(d) Section 35, para. 2, modified | ||
Section 15 | When instrument payable on demand overdue | New |
Section 16 | "After sight" | Section 21, latter half |
Section 17 | Instrument payable at a determinable future time | New |
Section 18 | Effect of drawing or indorsing instrument payable to order | Section 13(1), Expl. (iii) |
Section 19 | Effect of ante dating and post dating | New |
Section 20 | Inchoate instrument | Section 20 |
Section 21 | Negotiable instrument when complete | (1) Section 46, para. 1 |
(2) Section 46, para. 2, | ||
(3) Section 46, para. 3, | ||
Section 22 | Immediate parties | Section 44, Expin. |
Section 23 | Difference in figures and words | Section 18 |
Section 24 | Ambiguous instruments | Section 17 |
Section 25 | Payees may be joint | Section 13(2). |
Section 26 | Signature in trade or assumed name | New |
Section 27 | Forged or unauthorised signature | New |
Section 28 | Defective title | Section 58, modified |
Section 29 | Maturity how determined | (1) Section 22, para. 2. |
(2) Section 23 | ||
(3) Section 24 | ||
(4) Section 25 | ||
Chapter III |
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Negotiation |
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Section 30 | Mode of negotiation | (a) Section 46, para. 4 and Section 47, main para. |
(b) Section 46, para. 5 and Section 48 | ||
Section 31 | Persons entitled to negotiate | Section 51 |
Section 32 | Requisites indorsement | Section 56 |
Section 33 | Kinds of indorsements | New |
Section 34 | Indorsement in blank and in full | Section 16(i) part |
Section 35 | Provision for payee to apply to indorsee | Section 16(2) |
Section 36 | Conversion of indorsement in blank intoindorsement in full | Section 49 |
Section 37 | Instruments indorsed in blank | Section 54 |
Section 38 | Indorsement in blank followed by indorsement in full | Section 55 |
Section 39 | Restrictive indorsement | Section 50, latter half modified |
Section 40 | Conditional indorsement | Section 52, para. 1, part |
Section 41 | Qualified indorsement | (1) Section 52, para. 1, part |
(2) Section 52, para. 2 | ||
Section 42 | Conditional delivery | Section 47, Exception I |
Section 43 | Negotiation by legal representatives | Section 57 |
Section 44 | Negotiation back before maturity | New |
Section 45 | Effect of negotiation | Section 50, earlier half modified |
Section 46 | When negotiability ceases | Section 60 |
Chapter IV |
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Rights of Holder and Holder in due Course |
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Section 47 | Right of holder | New |
Section 48 | Rights of holder of an instrument negotiated back to him | New |
Section 49 | Instrument acquired after dishonour or when overdue | Section 59, main para. |
Section 50 | Accommodation note or bill | Section 59, Proviso |
Section 51 | Holder claiming through holder in due course | (1) Section 53, modified. |
(2) New | ||
Section 52 | Rights of holder in due course | New |
Section 53 | Holder's right to duplicate of lost instrument | Section 45A. |
Chapter V |
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Liability of Parties |
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Section 54 | Scope of chapter | New |
Section 55 | Stranger signing instrument presumed be indorser to be indorser | New |
Section 56 | Liability of drawer or acceptor of a bill of exchange | (1) Section 30, part,modified. |
(2) New | ||
(3) Section 32, part, modified | ||
(4) Section 41 | ||
Section 57 | Liability of drawer or drawee of cheque | (1) Section 30, part |
(2) Section 31 | ||
Section 58 | Liability of a maker of a promissory note | Section 32, part, modified |
Section 59 | Liability of indorser of any instrument | Section 35, para. 1, part modified |
Section 60 | Extent of liability of parties | (1) Section 37, part |
(2) Section 37, part | ||
(3) Section 38, part | ||
Section 61 | Provision for contract to the contrary | Section 32, part Section 45 para. 1 part, Section 37, part, Section 38 part. |
Section 62 | Liability of surety | Section 39 |
Section 63 | Duration of liability | Section 36 |
Section 64 | Liability of accommodation party and position of accommodated party | (1) New |
(2) New | ||
(3) Section 43 Exception | ||
Section 65 | Liability of party inducing another to make etc., an instrument | Section 43 Exception II |
Section 66 | Liability of person signing as agent | (1) Section 28, earlier part modified |
Section 67 | Liability of legal representative | |
Section 68 | Transfer by delivery and transferee | New |
Section 69 | Presentment | (1) Section 64, para. 1, part Exception section 64 Exc. Modified |
(2) New | ||
Section 70 | Notice of dishonour for non-payment when obligatory | (1) Section 93, para. I, part |
(2) Section 93, para. 2 Section 104 | ||
Section 71 | Necessity for noting and protest | Section 104 |
Chapter VI |
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Presentment for Payments |
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Section 72 | Definition | New |
Section 73 | Rules governing presentment for payment | (1) New |
(2) Section 64 para. 1, part | ||
(3) Section 64, para. 1, part & Section 75 | ||
(4)(i) Section 66 | ||
(ii) Section 74 | ||
(iii) Section 67, earlier part | ||
(5) Section 65 | ||
(6)(i) Secs. 68-69. modified | ||
(ii) New | ||
(iii) Section 70 | ||
(iv) Section 71, part Explanation New | ||
(7) Section 75A part | ||
Section 74 | What constitutes valid presentment and the mode of presentment | (1) Section 64 para. 2. modified |
(2) New | ||
Section 75 | When presentment unnecessary | Section 76 |
(a) Cl. (a) para. 1, | ||
(b) Cl. (a) para. 2 | ||
(c) Cl. (a) para. 3 | ||
(d) Cl. (a) para 4 | ||
(e) Cl. (b) | ||
(f) Cl. (c) | ||
(g) Cl. (d) | ||
(h) New | ||
(i) New | ||
(j) New | ||
(k) New | ||
Explanation New | ||
Chapter VII |
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Payment, Discharge And Interest |
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Section 76 | Discharge by payment | (1) Section 78 modified |
(2) Section 82(c) modified | ||
(3) New | ||
(4) New | ||
(5) Section 89, part | ||
Section 77 | Instrument to be delivered on payment | Section 81 |
Section 78 | Other modes of discharge | (1) (a) Section 82(a) |
(b) Section 82(b) | ||
(c) Section 90, modified | ||
(2) New | ||
(3) Section 40. | ||
Section 79 | Discharge for non-presentment | (1) Section 64, para. 1, part |
(2) Section 64, para. 1, part, read with exceptions | ||
Section 80 | Discharge of parties not consenting to qualified or limited acceptance | Section 86, main para. part |
Section 81 | Discharge by material alteration | (1) Section 87, para. 1, modified. |
(2) Section 87, para. 2. | ||
(3) Section 87, para. 3 | ||
(4) Section 88 | ||
Section 82 | Interest when rate specified and not specified | (a) Section 79, modified |
(b) Section 80, para. 1, modified | ||
Chapter VIII |
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Notice of Dishonour |
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Section 83 | Dishonour | New |
Section 84 | Dishonour by non-payment | Section 92 |
Section 85 | Notice of dishonour by whom and to whom to be given | Section 93, para. 1, part |
(a) Section 93, para. 1, part | ||
(b) Section 94, para. 1, part | ||
Section 86 | Mode in which notice of dishonour should be given | Section 94, para. 1, part |
Section 87 | Time and place of notice Section | (1) Section 94, para. 1, part |
(2) Section 96 | ||
Section 88 | Notice miscarried in post | Section 94, para. 2 |
Section 89 | Party receiving must transmit notice of dishonour | Section 95 |
Section 90 | When party to whom notice given is dead Section | Section 97 |
Section 91 | When notice of dishonour is unnecessary | Section 98 |
Chapter IX |
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Noting and Protest |
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Section 92 | Noting | Section 99 |
Section 93 | Protest | (1) Section 100, para. 1 |
(2) Section 100, para. 2 | ||
Section 94 | Contents of protest | Section 101 |
Section 95 | Notice of protest | Section 102 |
Section 96 | Protest for non-payment after dishonour by non-acceptance | Section 103 |
Section 97 | When noting equivalent to protest | Section 104A |
Chapter X | ||
Reasonable Time | ||
Section 98 | Reasonable time | Section 105 |
Section 99 | Reasonable time for giving notice of dishonour | (1) Section 106, para. 1 modified |
(2) Section 106, para. 2 modified | ||
Section 100 | Reasonable time for transmitting such notice | Section 107 |
Chapter XI | ||
Compensation | ||
Section 101 | Rule as to compensation | (1) (a) Section 117(a) |
(b) New | ||
(c) Section 117(c) | ||
(d) Section 117(b) and (d) modified | ||
(e) New | ||
(2) Section 117(e), earlier half | ||
(3) Section 117(e), latter half. | ||
Chapter XII |
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Special Rules of Evidence |
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Section 102 | Presumptions as to negotiable instruments | Section 118 |
Section 103 | Presumption on proof of protest | Section 119 |
Section 104 | Estoppel against acceptor | New |
Section 105 | Estoppel against denying original validity of instrument | Section 120 |
Section 106 | Estoppel against denying capacity of payee to indorsee | Section 121 |
Section 107 | Estoppel against denying signature or capacity of prior party | Section 122 |
Chapter XIII |
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Conflict of Laws |
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Section 108 | Law governing liability of maker, acceptor or indorser of a foreign instrument. | (a) Section 134, part, modified. Proviso-(i) Section 136 (ii) New |
(b) (i) Section 134 part, modified | ||
(ii) New | ||
(iii)New | ||
(iv) Section 135, part | ||
(v) Section 135, part | ||
(vi) New | ||
Section 109 | Presumption as to foreign law | Section 137 |
Part II |
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Bills of Exchange |
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Section 110 | Presentment | New |
Section 111 | Several drawees | New |
Section 112 | In whose favour a bill may be drawn | New |
Section 113 | Only drawee can be acceptor except in case of need or for honour | Section 33 |
Section 114 | Time for deliberation by drawee | (1) Section 63(2) Section 83 |
Section 115 | Acceptance by several drawees not partners | Section 34 |
Section 116 | Acceptance of bill drawn in fictitious name | Section 42 |
Section 117 | When presentment for acceptance is necessary | New |
Section 118 | Acceptance of overdue bill | New |
Section 119 | Time for presentment for acceptance of a bill payable after sight | Section 61, para. 1, part modified |
Section 120 | Rules as to presentment for acceptance and excuses for non-presentment | (1) (a) Section 61, part 1, part, modified and Sec. 75, part |
(b)(i) Section 61, para. 3, part | ||
(ii) New | ||
(iii) New | ||
(iv) Section 71, part | ||
(c) New | ||
(2) Section 75A, part | ||
(3) (a) New | ||
(b) Section 61, para. 3, part, modified. | ||
(c) New; | ||
(d) New | ||
(e) New | ||
(4) New | ||
Section 121 | Presentment by post | Section 61, para. 4. |
Section 122 | Dishonour by non-acceptance and its consequences | (1) (a) Section 91 para. 1; part |
(b) Section 91 para. 1, part | ||
(c) Section 91, para. 2 (2) New | ||
Section 123 | Qualified acceptance | New |
Expin. (a) to (d)-Section 86, Expl. | ||
Expin.-(e) Section 86, main para. part | ||
Section 124 | Non-presentment' for payment in cases of qualified acceptance when does not discharge the acceptor | New |
Section 125 | Notice of dishonour for non-acceptance | (1) Section 93, para, 1 part modified |
(2) New | ||
Section 126 | Liability of banker for negligently dealing with bill presented for payment | Section 77 |
Section 127 | Mode of giving notice of dishonour | New |
Section 128 | Drawee in case of need | Section 115 |
Section 129 | Acceptance and payment without protest | Section 116 |
Section 130 | Acceptance for honour | Section 108 |
Section 131 | How acceptance for honour must be made | Section 109 |
Section 132 | Acceptance not specifying for whose honour it is made | Section 110 |
Section 133 | Liability of acceptor for honour | Section 111, para. 1. |
Proviso-(a) Section 111para. 2. | ||
(b) Section 112. | ||
Section 134 | Payment for honour | Section 113 |
Section 135 | Two or more persons offering to pay for honour New | |
Section 136 | Rights and duties of payer for honour | (1) New |
(2) Section 114 | ||
Section 137 | Calculation of maturity in case of a bill accepted for honour | New |
Section 138 | Set of bills | Section 132 |
Section 139 | Holder of first acquired part entitled to all | Section 133 |
Part III |
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Promissory Notes |
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Section 140 | Presentment of promissory note for sight | Section 62 |
Part IV | ||
Cheques | ||
Section 141 | Cheque payable to order or bearer | (1) Section 85 (1) |
(2) Section 85 (2) | ||
Section 142 | Revocation of banker's authority | New (1) Section 123 |
Section 143 | General and special crossing defined | (2) Section 124 |
Section 144 | Cheque crossed "account payee" | New |
Section 145 | Crossing by drawer or after issue | (1) New |
(2) Section 125, para. 1 | ||
(3) Section 125, para. 2 | ||
(4) Section 125, para. 3. | ||
(5) Section 125, para. 4. | ||
(6) New | ||
Section 146 | Crossing a material part of a cheque | New |
Section 147 | Payment of a cheque crossed generally or specially | Section 126 |
Section 148 | Duties of banker as to crossed cheques | Section 127 |
Section 149 | Liability of a banker paying crossed cheques otherwise than to a banker | Section 129, modified |
Proviso-Section 89, part | ||
Section 150 | Protection to banker and drawer where cheque is crossed | Section 128, modified |
Section 151 | Cheque bearing words "not negotiable" | Section 130 |
Section 152 | Protection to collecting banker | Section 131 |
Section 153 | Protection to banker crediting cheque crossed "account payee" | New |
Section 154 | Cheque not operating as assignment of funds | New |
Section 155 | When cheque not duly presented and drawer damaged thereby | (1) Section 84 (1) |
(2) Section 84 (3) | ||
Section 156 | Drafts | Section 85A |
Section 157 | Application of this Chapter to drafts | Section 131A |
Part V | ||
Miscellaneous | ||
Section 158 | Repeal | New |