### Bills of Exchange Ordinance 《匯票條例》

3. Definition of bill of exchange
(1) A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to bearer.
(2) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.
(3) An order to pay out of a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with—
(a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount; or
(b) a statement of the transaction which gives rise to the bill,
is unconditional.
(4) A bill is not invalid by reason—
(a) that it is not dated;
(b) that it does not specify the value given or that any value has been given therefor;
(c) that it does not specify the place where it is drawn or the place where it is payable.
[cf. 1882 c. 61 s. 3 U.K.]

4. Inland and foreign bills
(1) An inland bill is a bill which is or on the face of it purports to be—
(a) both drawn and payable within Hong Kong; or
(b) drawn within Hong Kong, upon some person resident therein. (Amended 60 of 1999 s. 3)
(2) Any other bill is a foreign bill.
(3) Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill.
[cf. 1882 c. 61 s. 4 U.K.]

5. Effect where different parties to bill are the same person
(1) A bill may be drawn payable to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee.
(2) Where, in a bill, drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.
[cf. 1882 c. 61 s. 5 U.K.]

### Bills of Exchange Ordinance 《匯票條例》

6. Address to drawee
(1) The drawee must be named or otherwise indicated in a bill with reasonable certainty.
(2) A bill may be addressed to two or more drawees, whether they are partners or not, but an order addressed to two drawees in the alternative, or to two or more drawees in succession, is not a bill of exchange.
[cf. 1882 c. 61 s. 6 U.K.]

7. Certainty required as to payee
(1) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty.
(2) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two or one or some of several payees. A bill may also be made payable to the holder of an office for the time being.
(3) Where the payee is a fictitious or non-existing person, the bill may be treated as payable to bearer.
[cf. 1882 c. 61 s. 7 U.K.]

8. What bills are negotiable
(1) Where a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not negotiable.
(2) A negotiable bill may be payable either to order or to bearer.
(3) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.
[cf. 1882 c. 61 s. 8 U.K.]

### Bills of Exchange Ordinance 《匯票條例》

9. Sum payable
(1) The sum payable by a bill is a sum certain within the meaning of this Ordinance, although it is required to be paid—
(a) with interest;
(b) by stated instalments;
(c) by stated instalments, with a provision that, upon default in payment of any instalment, the whole shall become due;
(d) according to an indicated rate of exchange or according to a rate of exchange to be ascertained as directed by the bill.
(2) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and, if the bill is undated, from the issue thereof.
[cf. 1882 c. 61 s. 9 U.K.]

10. Bill payable on demand
(1) A bill is payable on demand—
(a) which is expressed to be payable on demand, or at sight, or on presentation; or
(b) in which no time for payment is expressed.
(2) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts or any indorser who so indorses it, be deemed a bill payable on demand.
[cf. 1882 c. 61 s. 10 U.K.]

11. Bill payable at future time
(1) A bill is payable at a determinable future time within the meaning of this Ordinance which is expressed to be payable—
(a) at a fixed period after date or sight;
(b) on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.
(2) An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
[cf. 1882 c. 61 s. 11 U.K.]