CHAPTER
336
BILLS OF EXCHANGE (BAHAMAS) |
ARRANGEMENT OF
SECTIONS |
SECTION |
|
Rate of interest allowed. |
Damages on bills of exchange drawn on any part of
Europe and not honoured. |
Damages on bills of exchange drawn on any place
out of The Bahamas other than Europe. |
CHAPTER 336 |
BILLS OF EXCHANGE
(BAHAMAS) |
An Act to
make provisions regulating the charging of interest on moneys and the recovery
of damages on protested bills of exchange. | 17 of 1859 |
[Commencement 30th
April, 1859] |
1. This Act may be cited as the Bills of Exchange
(Bahamas) Act. | Short title. |
2. Wherever interest is payable upon any contract
expressed or implied, entered into before the passing of this Act for payment
of the legal or current rate of interest, or where interest shall be payable
upon any such contract entered into after the passing of this Act, but in
respect of which the rate of interest is not mentioned, then and in either of
such cases interest shall be recoverable at and after the rate of six dollars
per centum per annum. | Rate of interest allowed. |
3. For all bills of exchange drawn or negotiated within
The Bahamas upon any part of Europe, which shall be returned under protest for
want of acceptment or payment or for any other cause, there shall be paid upon
all such bills so protested and returned as aforesaid, a re-exchange as damages
for the same, at the rate of twenty dollars per centum, and in case of
non-payment of such protested bills and damages within three days after demand
being made by the possessor of such bill from the drawer or endorser, then the said
bill, together with the damages thereon shall bear the legal interest at and
after the rate of six dollars per centum per annum aforesaid. | Damages on bills of exchange drawn on any part of
Europe and not honoured. |
4. For bills of exchange drawn or negotiated within The
Bahamas, upon any place out of The Bahamas other than in Europe, which shall be
returned under protest for either of the causes before mentioned, there shall
be paid upon all such bills as aforesaid a re-exchange as damages for the same
at the rate of fifteen dollars per centum, and in case of non-payment of such
protested bill with damages as last aforesaid, within three days after demand
being made by the possessor of such bill, from the drawer or endorser, then the
said bill, together with the damages thereon shall bear legal interest at and
after the rate aforesaid. | Damages on bills of exchange drawn on any place on any
place out of The Bahamas other than Europe. |