CHAPTER 1 DEFINITIONS Definitions 1. In this Act, unless the context otherwise indicates - means an acceptance completed by delivery or notification; “acceptance” a body of persons, whether incorporated or not, that carries on the of “bank” banking, and includes the Bank of Namibia referred to in section 2 of the Bank of Namibia Act, 1997 (Act No. 15 of 1997), a banking institution defined in section 1 of the Banking Institutions Act, 1998 (Act No. 2 of 1998), and the Post Office Savings Bank as defined in section 1 of the Posts and Telecommunications Act, 1992 (Act No. 19 of 1992); means the person in possession of a bill which is payable to bearer; “bearer” means a bill of exchange as defined in section 2; “bill” a bill drawn on a bank payable on demand; “cheque” bank” means a bank collecting payment of a cheque or other document “collecting contemplated in section 81; means actual or constructive transfer of possession from one person to another; “delivery” the payee or indorsee of a bill who is in possession of it, or the bearer of that bill; “holder” means an indorsement completed by delivery; “indorsement” means the first delivery of a bill, complete in form, to a person who takes it as a holder; “issue” day” means a Sunday or a public holiday referred to in, or declared under, section “non-business 1 of the Public Holidays Act, 1990 (Act No. 26 of 1990); a promissory note as defined in section 85; “note” in due course” means payment made at or after the maturity of a bill to the holder of “payment the bill in good faith and, if his or her title to the bill is defective, without notice of the defective title. CHAPTER 2 BILLS OF EXCHANGE PART I FORM AND INTERPRETATION Definition of and requirements for bill of exchange 2. (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 addressee to pay on demand, or
CHAPTER 1 DEFINITIONS Definitions 1. In this Act, unless the context otherwise indicates - “acceptance” means an acceptance completed by delivery or notification; “bank” a body of persons, whether incorporated or not, that carries on the of banking, and includes the Bank of Namibia referred to in section 2 of the Bank of Namibia Act, 1997 (Act No. 15 of 1997), a banking institution defined in section 1 of the Banking Institutions Act, 1998 (Act No. 2 of 1998), and the Post Office Savings Bank as defined in section 1 of the Posts and Telecommunications Act, 1992 (Act No. 19 of 1992); “bearer” means the person in possession of a bill which is payable to bearer; “bill” means a bill of exchange as defined in section 2; “cheque” a bill drawn on a bank payable on demand; “collecting bank” means a bank collecting payment of a cheque or other document contemplated in section 81; “delivery” means actual or constructive transfer of possession from one person to another; “holder” the payee or indorsee of a bill who is in possession of it, or the bearer of that bill; “indorsement” means an indorsement completed by delivery; “issue” means the first delivery of a bill, complete in form, to a person who takes it as a holder; “non-business day” means a Sunday or a public holiday referred to in, or declared under, section 1 of the Public Holidays Act, 1990 (Act No. 26 of 1990); “note” a promissory note as defined in section 85; “payment in due course” means payment made at or after the maturity of a bill to the holder of the bill in good faith and, if his or her title to the bill is defective, without notice of the defective title. CHAPTER 2 BILLS OF EXCHANGE PART I FORM AND INTERPRETATION Definition of and requirements for bill of exchange 2. (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 addressee to pay on demand, or
Bills%20of%20Exchange%20Act%2022%20of%202003.docx