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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

General

Chapter I

Preliminary

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

Form and Interpretation

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

Negotiation

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

Rights of Holder and Holder in due Course

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

Liability of Parties

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

Presentment for Payments

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

Payment, Discharge And Interest

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

Notice of Dishonour

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

Noting and Protest

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

Special Rules of Evidence

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

Conflict of Laws

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

Bills of Exchange

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

Promissory Notes

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






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