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Governor-General to the effect that the eligible person no longer wishes to return to the Tribunal;

the eligible person is taken to have been re-appointed as President of the Tribunal under section 6 immediately after the end of the IRC period. However, the eligible person does not have to take an oath or affirmation under section 10B in respect of that re-appointment.".

PART 4—AMENDMENT OF THE CHEQUES AND PAYMENT ORDERS ACT 1986

Division 1—Principal Act

Principal Act

9. In this Part, "Principal Act" means the Cheques and Payment Orders Act 19863.

Division 2—Amendments relating to cheques

Object of Division

10. The object of this Division is to modernise the rules about the presentment of cheques by banks.

Bank cheques and bank drafts

11. Section 5 of the Principal Act is amended by omitting from subsection (1) "and 62(12)" and substituting ", 62(12) and 62A(8)".

Certain rights, duties and liabilities under Act may be altered by agreement

  12. Section 6 of the Principal Act is amended:

  (a) by inserting in subsection (2) "61A," after "61,";

  (b) by inserting in subsection (2) "62A," after "62,".

Due presentment defined

13. Section 61 of the Principal Act is amended by inserting in subsection (1) ", 62A" after "62".

Insertion of new section

14. After section 61 of the Principal Act the following section is inserted:

Presentment by bank

"61A. A bank may present a cheque for payment in either of the following ways:

  (a) by making an external presentment of the cheque (see section 62);

  (b) by making an internal presentment of the cheque (see section 62A).".

External presentment by bank

  15. Section 62 of the Principal Act is amended:

     (a) by omitting subsections (1) and (2) and substituting the following subsection:

     "(1) A bank (the 'collecting bank') makes an external presentment of a cheque if:

        (a) the collecting bank, on behalf of a customer, another financial institution or otherwise, makes a demand for payment of the cheque on the drawee bank; and

        (b) the drawee bank is not the same bank as the collecting bank; and

      (c) either:

            (i) the demand is made by exhibiting the cheque to the drawee bank at:

              (A) the proper place in relation to the cheque; or

                (B) a place that is a designated exhibition place in relation to the cheque for the purposes of this subsection; or

          (ii) the demand is:

                (A) made otherwise than by exhibiting the cheque; and

                (B) made at a place that is a designated place in relation to the cheque for the purposes of this subsection; and

               (C) made at a time that is a designated time for the drawee bank at that place; and

               (D) made using a means of communication