cheque

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cheque

a BILL OF EXCHANGE drawn on a banker, payable on demand. A cheque operates as a mandate or authority to the drawee's bank to pay the party named as drawer and debit the account of its customer, the drawer. Cheques are essentially negotiable instruments and may be negotiated by indorsement. The Bills of Exchange Act 1882, however, provides that a cheque may be crossed. In this case the cheque should be presented for payment by a bank (rather than the person named as drawee). If accompanied by the words ‘not negotiable’, this has the effect that the cheque cannot be negotiated, and the words ‘account payee’ or ‘account payee only’ mean that the cheque cannot be passed on to another.
References in periodicals archive ?
He also noted that a sukuk unit had been established in the ministry and staffed with experts in transforming projects into a financial tool in accordance to a specific legal contract which specified the rights of the transacting parties, the manner in which profits and sakk holdersC[bar] returns were distributed as well as the process through which the sakk was liquidated at the end of its term.
According to Islamic Financial Services Board (IFSB) "Sukuk (plural of sakk), frequently referred to as "Islamic bonds," are certificates with each sakk representing a proportional undivided ownership right in tangible assets, or a pool of predominantly tangible assets, or a business venture.
Un sakk (singulier de sukuk) correspond a un projet determine.