Document ID: chunk:federal_register_of_legislation:C2017C00074:section:62:p1
Version: federal_register_of_legislation:C2017C00074
Segment Type: section
Provision Reference: s 62 (pt 1/3)
Character Range: 46973–49625

62  External presentment by financial institution
 (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.
 (3) Where the cheque is not exhibited to the drawee institution, the demand shall:
 (a) identify the cheque with reasonable certainty; and
 (b) be in a form that is intelligible to, or readily decipherable by, the drawee institution.
 (3A) The demand must also specify, in a form that is intelligible to, or readily decipherable by, the drawee institution:
 (a) a place as the nominated place in relation to the cheque for the purposes of subsection (6); and
 (b) the days on which, and the hours during which, the collecting institution will be open for business at the place; and
 (c) the means by which communications may be made to the collecting institution at the place.
 (4) Without limiting the generality of subsection (3), the demand shall, for the purposes of that subsection, be taken to identify the cheque with reasonable certainty if:
 (a) the sum ordered to be paid by the cheque;
 (b) the cheque number;
 (c) the account against which the cheque is drawn; and
 (d) the proper place in relation to the cheque;
are specified in the demand or are readily ascertainable by the drawee institution from the demand.
 (4A) A time is a nominated time for the collecting institution at a particular place if