Section 2: Interpretation

2. Interpretation In this Act— “acceptance” means an acceptance completed by delivery or notification; “action” includes counterclaim and set-off; “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 any enactment relating to bankruptcy; “bearer” means the person in possession of a bill or note which is payable to bearer; [Issue 1] B7 – 2 Revised Laws of Mauritius “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; “indorsement” means an indorsement completed by delivery; “issue” means the first delivery of a bill, note or cheque, complete in form, to a person who takes it as a holder; “note” means promissory note; “value” means valuable consideration. PART I – BILLS OF EXCHANGE