Bills of Exchange Act · s 11

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s 11Bill payable at future time

(1)

A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable —

(a)

at a fixed period after date or sight;

Bills of Exchange 14

(b)

on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.

(2)

An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.