BILLS OF EXCHANGE ACT 1909 - SECT 16 Bill payable at a future time

BILLS OF EXCHANGE ACT 1909 - SECT 16

    A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable:

  (a)   at a fixed period after date or sight; or

  (b)   on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.

An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.