Negotiable Instruments
Negotiable Instruments Act, 1881
From Wikipedia, the free encyclopedia
Jump to: navigation, search The Negotiable Instruments Act, 1881 | An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques | Citation | Act No. 26 of 1881 | Enacted by | Imperial Legislative Council (India) | Date enacted | 9 December 1881 | Date commenced | 1 March 1882 |
Negotiable Instruments Act, 1881 was passed by British India and for over 130 years and except for amendments, the question of revising the act as a whole has never been raised. Contents [hide] * 1 History * 2 Types of Negotiable Instruments * 3 Modern era and Negotiable Instruments * 4 Statutory Definitions * 5 Dishonour of certain Cheques for Insufficiency of Funds in Accounts * 6 Five Ingredients of the offence under Section 138 * 7 External links * 8 References |
[edit] History
The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd India Law Commission and introduced in December, 1867 in the Council and it was referred to a Select Committee. Objections were raised by the mercantile community to the numerous deviations from the English Law which it contained. The Bill had to be redrafted in 1877. After the lapse of a sufficient period for criticism by the Local Governments, the High Courts and the chambers of commerce, the Bill was revised by a Select Committee. In spite of this Bill could not reach the final stage. In 1880 by the Order of the Secretary of State, the Bill had to be referred to a new Law Commission. On the recommendation of the new Law Commission the Bill was re-drafted and again it was sent to a Select Committee which adopted most of the additions recommended by the new Law Commission. The draft thus prepared for the fourth time was introduced in the Council and was passed into law in 1881 being the Negotiable Instruments Act, 1881 (Act No.26 of 1881)[1]
The most
From Wikipedia, the free encyclopedia
Jump to: navigation, search The Negotiable Instruments Act, 1881 | An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques | Citation | Act No. 26 of 1881 | Enacted by | Imperial Legislative Council (India) | Date enacted | 9 December 1881 | Date commenced | 1 March 1882 |
Negotiable Instruments Act, 1881 was passed by British India and for over 130 years and except for amendments, the question of revising the act as a whole has never been raised. Contents [hide] * 1 History * 2 Types of Negotiable Instruments * 3 Modern era and Negotiable Instruments * 4 Statutory Definitions * 5 Dishonour of certain Cheques for Insufficiency of Funds in Accounts * 6 Five Ingredients of the offence under Section 138 * 7 External links * 8 References |
[edit] History
The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd India Law Commission and introduced in December, 1867 in the Council and it was referred to a Select Committee. Objections were raised by the mercantile community to the numerous deviations from the English Law which it contained. The Bill had to be redrafted in 1877. After the lapse of a sufficient period for criticism by the Local Governments, the High Courts and the chambers of commerce, the Bill was revised by a Select Committee. In spite of this Bill could not reach the final stage. In 1880 by the Order of the Secretary of State, the Bill had to be referred to a new Law Commission. On the recommendation of the new Law Commission the Bill was re-drafted and again it was sent to a Select Committee which adopted most of the additions recommended by the new Law Commission. The draft thus prepared for the fourth time was introduced in the Council and was passed into law in 1881 being the Negotiable Instruments Act, 1881 (Act No.26 of 1881)[1]
The most