Bills of Exchange Act

This Act may be cited as the Bills of Exchange Act.

In this Act, unless the context otherwise requires —

“acceptance” means an acceptance completed by delivery or notification;

“Authority” means the Brunei Darussalam Central Bank established under section 3(1) of the Brunei Darussalam Central Bank

Order, 2010 (S 103/2010);

[S 17/2021]

“bank holiday” includes any day declared to be such under any written law and any Friday and Sunday;

“banker” includes a body of persons, whether incorporated or not, who carry on the business of banking;

“bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy;

“bearer” means the person in possession of a bill or note which is payable to bearer;

“bill” means bill of exchange;

“Brunei Darussalam bill” means a bill drawn payable in Brunei

Darussalam currency;

Bills of Exchange 10

“delivery” means transfer of possession, actual or constructive, from one person to another;

“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;

“indorsement” means an indorsement completed by delivery;

“issue” means the first delivery of a bill or note, complete in form, to a person who takes it as a holder;

“Minister” means the Minister of Finance and Economy;

“note” means promissory note;

“public holiday” includes any day declared to be such under any written law or otherwise and any Friday and Sunday;

“suit” includes action, counterclaim and set-off;

“value” means valuable consideration.