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Rules of Practice 1994 (S.R. 1994, No. 229)
|Requested: 29 Mar 2017|
|Consolidated as at: 17 Mar 2006|
61. Bills of exchange
(1) A firm drawing a bill of exchange on the Trust under section 103(1) of the Act must
(a) complete and present the bill of exchange to the bank with which the firm maintains its trust bank account; and
(b) pay the money received by it under the bill of exchange into the firm's trust bank account; and
(c) provide the Trust with a certificate in accordance with Form 4 of Schedule 2.
(2) A bill of exchange is to be
(a) in accordance with Form 5 of Schedule 2; and
(b) signed by each member of the firm presenting it.
(3) A bill of exchange is not required to be signed by each member of the firm presenting it if, before drawing the bill of exchange, the firm provides an authority specifying the method of signing it to
(a) the Trust; and
(b) the bank to which it is to be presented.
(4) An authority is to be signed by each member of the firm.
(5) A person signing an authority is bound by the bill of exchange to which the authority relates.