Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IBills of exchange - form and interpretation9. When a future time is determinable |
| (1) | A bill is payable at a determinable future time within the meaning of this Act, if it is expressed to be payable— |
| (a) | at the expiration of a fixed period after date or sight; or |
| (b) | on, or at the expiration of a fixed period after, the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain. |
| (2) | An instrument expressed to be payable on, or after the occurrence of, a specified event which may or may not happen, is not a bill, and the happening of the event does not cure the defect. |