PART 1 | 1. This Act is the Bills of Exchange Act 1949. |
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. |
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