Bills of Exchange Act 1949 (Act 204) & Bills of Sale Act 1950 (Act 268) [As at 10th July 2022]

Detailed Contents Of Bills of Exchange Act 1949 (Act 204) :

Bills of Exchange Act 1949 (Act 204): The Bills of Exchange Act 1949 is an act that governs the use and negotiation of bills of exchange in Malaysia. A bill of exchange is a financial instrument that is used for the payment of goods or services. The act provides rules and regulations that govern the issuance, acceptance, and negotiation of bills of exchange.

Some of the key provisions of the act include the definition of a bill of exchange, the requirements for its validity, the liabilities of the parties involved in the negotiation of the bill, and the rules for its discharge. The act also provides for the legal consequences of non-payment, including the right to sue and the right to recover interest and costs.

The act applies to bills of exchange used in commercial transactions in Malaysia, including those used in international trade. It also provides for the recognition of electronic bills of exchange, subject to certain conditions.

Overall, the Bills of Exchange Act 1949 provides a legal framework for the use and negotiation of bills of exchange in Malaysia, helping to facilitate commercial transactions and reduce the risk of non-payment.

Bills of Sale Act 1950 (Act 268): The Bills of Sale Act 1950 is an act that governs the use and registration of bills of sale in Malaysia. A bill of sale is a document that is used to transfer ownership of personal property from one party to another.

The act provides rules and regulations that govern the validity and enforceability of bills of sale, including the requirements for their registration. The act also provides for the rights and liabilities of the parties involved in the transaction, including the right to recover possession of the property in case of default.

The act applies to bills of sale used in commercial and non-commercial transactions in Malaysia, and it provides for the registration of such bills of sale with the Registrar of Bills of Sale. The registration process helps to protect the interests of the parties involved in the transaction, and it also provides a legal record of the transaction.

Overall, the Bills of Sale Act 1950 provides a legal framework for the use and registration of bills of sale in Malaysia, helping to facilitate the transfer of ownership of personal property and reduce the risk of disputes and default.