Document ID: chunk:federal_register_of_legislation:C2004A03387:body:0:p1
Version: federal_register_of_legislation:C2004A03387
Segment Type: other
Provision Reference: 
Character Range: 0–2594

Bills of Exchange Amendment Act 1986

No. 146 of 1986

An Act to amend the Bills of Exchange Act 1909, and for related purposes

[Assented to 11 December 1986]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.
1. (1) This Act may be cited as the Bills of Exchange Amendment Act 1986.
(2) The Bills of Exchange Act 19091 is in this Act referred to as the Principal Act.

Commencement
2. This Act shall come into operation on the day on which the Cheques and Payment Orders Act 1986 comes into operation.

Application of Act
3. Section 6 of the Principal Act is amended by adding at the end the following sub-section:
"(2) This Act does not apply to an instrument to which the Cheques and Payment Orders Act 1986 applies.".

Sum payable
4. Section 14 of the Principal Act is amended—
    (a) by omitting from sub-section (1) "paid—" and substituting "paid with, by or according to, as the case requires, any one or more of the following, namely:";
    (b) by omitting from paragraph (1) (a) "with interest" and substituting "interest or bank charges";
    (c) by omitting from paragraphs (1) (b) and (c) "by";
    (d) by omitting from paragraph (1) (d) "according to" (wherever occurring); and
    (e) by omitting sub-section (2) and substituting the following sub-section:
    "(2) Where more than one sum is expressed to be payable in a bill, the lesser or least, as the case may be, of the sums so expressed to be payable shall be taken to be the only sum ordered to be paid by the bill.".

Noting or protest of bill
5. Section 56 of the Principal Act is amended—
    (a) by omitting from sub-section (4) "twenty-four" and substituting "48"; and
    (b) by omitting from paragraph (a) of the proviso to sub-section (6) all the words after "returned" (last occurring) and substituting "not later than the next business day after the day of its return".

6. Section 74 of the Principal Act is repealed and the following section is substituted:

Replacement of lost or destroyed bill
"74. (1) Where—
    (a) a bill (in this section referred to as the 'original bill') is lost or destroyed; and
    (b) the original bill was not, at the time of its loss or destruction, overdue,
a person (in this section referred to as the 'former holder') who was the holder of, or otherwise lawfully in possession of, the original bill at the time of its loss or destruction may, by notice in writing given to the drawer of the original bill, request the drawer to give the former holder a replacement bill