This provision gives the short title of the Act and defines key terms used in it.
Bills of Exchange Act 1949 2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 An Act relating to bills of exchange, cheques and promissory notes. [1 July 1965] PART 1 PRELIMINARY Short title 1. This Act is the Bills of Exchange Act 1949. Interpretation 2. In this Act, unless the context otherwise requires — “acceptance” means an acceptance completed by delivery or notification; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; “bank holiday” and “public holiday” respectively include any day declared to be such under any written law for the time being in force and includes any day (other than a Sunday) observed as a weekly holiday; “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; “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; “note” means promissory note; “Singapore bill” means a bill drawn payable in Singapore currency; “suit” includes action, counterclaim and set-off; “value” means valuable consideration.