Document ID: chunk:federal_register_of_legislation:C2004A00333:clause:2_12
Version: federal_register_of_legislation:C2004A00333
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 25437–27011

12  Subsection 62(1)
Repeal the subsection (including the notes), substitute:

 (1) A financial institution (the collecting institution) makes an external presentment of a cheque if the collecting institution makes a demand for payment of the cheque on the drawee institution (which is not the same institution as the collecting institution) on behalf of a customer, another financial institution or otherwise and the demand:
 (a) is made:
 (i) by exhibiting the cheque to the drawee institution at the proper place in relation to the cheque; and
 (ii) at a reasonable hour on a day on which the drawee institution is open for business at that place; or
 (b) is made:
 (i) by exhibiting the cheque to the drawee institution at a place that is a designated exhibition place in relation to the cheque for the purposes of this subsection; and
 (ii) at a time that is a designated time for the drawee institution at that place; or
 (c) is made:
 (i) otherwise than by exhibiting the cheque; and
 (ii) at a place that is a designated place in relation to the cheque for the purposes of this subsection; and
 (iii) at a time that is a designated time for the drawee institution at that place; and
 (iv) using a means of communication that is a designated means of communication for the drawee institution at that place.

Note 1: Section 64 defines proper place.

Note 2: Section 65 defines designated exhibition place, designated time and designated means of communication.

Note: The heading to section 62 is altered by omitting "bank" and substituting "financial institution".