The following will be discussed in this chapter: The negotiable Instruments ACT, financial institutions ordinance 2001, foreign exchange regulation act. | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY NINE Summary of last Session Foreign Exchange Regulation Act 2 Agenda of this Session The negotiable Instruments ACT, Financial Institutions Ordinance 2001. 3 BARE ACT THE NEGOTIABLE INSTRUMENTS ACT, 1881 (XXVI OF 1881) (9th December, 1881) 4 An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. 5 Preamble Whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:- For Statement of Objects and Reasons, see Gaz. of India, 1876, p. 1886; For the Reports of the Select Committee, see lbid 1877, Pt. V,p 1878., Pt. V, p. 145, 1879, Pt. V, ; 1881, Pt. . 85. 6 6 THE NEGOTIABLE INSTRUMENTS ACT, 1881 Chapters 17 Sections 139 7 THE NEGOTIABLE INSTRUMENTS ACT, 1881 1. Short title:- This Act may be called the Negotiable Instruments Act, 1881. 8 THE NEGOTIABLE . | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY NINE Summary of last Session Foreign Exchange Regulation Act 2 Agenda of this Session The negotiable Instruments ACT, Financial Institutions Ordinance 2001. 3 BARE ACT THE NEGOTIABLE INSTRUMENTS ACT, 1881 (XXVI OF 1881) (9th December, 1881) 4 An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. 5 Preamble Whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:- For Statement of Objects and Reasons, see Gaz. of India, 1876, p. 1886; For the Reports of the Select Committee, see lbid 1877, Pt. V,p 1878., Pt. V, p. 145, 1879, Pt. V, ; 1881, Pt. . 85. 6 6 THE NEGOTIABLE INSTRUMENTS ACT, 1881 Chapters 17 Sections 139 7 THE NEGOTIABLE INSTRUMENTS ACT, 1881 1. Short title:- This Act may be called the Negotiable Instruments Act, 1881. 8 THE NEGOTIABLE INSTRUMENTS ACT, 1881 Commencement:- It extends to the whole of Pakistan, but nothing herein contained affects [the provisions of Sections 24 and 35 of the State Bank of Pakistan Act, 1956]; and it shall come into force on the first day of March, 1882. 9 THE NEGOTIABLE INSTRUMENTS ACT, 1881 1A. Application of the Act:- Every negotiable instrument shall be governed by the provisions of this Act, and no usage or custom at variance with any such provision shall apply to any such instrument. 10 4. "Promissory note " A "promissory note" is in an instrument in writing (not being a bank-note or a currency note) containing an unconditional undertaking signed by the maker, to pay on demand or at a fixed or determinable future time] a certain sum of money only to, or to the order of a certain person, or to the bearer of the instrument 11 5. A "bill of exchange " is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay on demand or at a fixed or
