LAW OF THE REPUBLIC OF BELARUS

of December 13, 1999 No. 341-Z

About the circulation of translated and promissory notes

Accepted by the House of Representatives on November 18, 1999

Approved by Council of the Republic on November 30, 1999

This Law is adopted in pursuance of provisions of article I of the Convention establishing the Uniform law about translated and promissory notes and provides general terms of regulation of procedure for the release and the circulation of translated and promissory notes in the territory of the Republic of Belarus providing necessary protection of interests of the state, the rights, freedoms and legitimate interests of bill holders, drawers, other participants of circulation of bills.

Section I. About bill of exchange (bill of exchange)

Chapter 1. About creation and form of bill of exchange

Article 1. Obligatory details of bill of exchange

The draft shall contain:

1) the name "bill of exchange" included in the text of the document and expressed in that language in which this document is constituted;

2) simple and nothing not caused offer to pay certain amount of money;

3) the name of the one who shall pay (the payer, the drawee);

4) specifying of payment due date;

5) specifying of the place in which the payment shall be made;

6) the name of person, coma or to the order of whom payment shall be made;

7) specifying of date and place of creation of the bill of exchange;

8) the signature of the one who issues the bill of exchange (the drawer, the drawer).

Article 2. Admissible departures from obligatory details of bill of exchange

The document in which there is no one of the details specified in article 1 of this Law is not valid bill of exchange, except as specified, provided by this Article:

the draft according to which payment due date is not specified is considered subject to payment at sight;

in the absence of special specifying the place designated near the name of the payer is considered the place of payment and at the same time the residence of the payer;

the draft in which the place of its creation is not specified is recognized signed in the place designated near the name of the drawer.

Article 3. Issue of bill of exchange

The draft can be issued by order of the drawer.

The draft can be issued on the drawer.

The draft can be issued at the expense of the third party.

Article 4. Place of payment

The draft can be subject to payment in the residence of the third party, or in the same place where there is residence of the payer, or in any other place.

Article 5. Charge of percent on the amount of the bill of exchange

In the bill of exchange which is subject to payment by term at sight or in so much time from presentation, the drawer can make clause about charge of percent on the amount of the bill of exchange. In any other bill of exchange such condition is considered insignificant.

The interest rate shall be specified in the bill of exchange; in the absence of such specifying the condition is considered insignificant.

Percent on the amount of the bill of exchange are charged from the date of creation of bill of exchange if other date is not specified.

Article 6. Discrepancies in designations to the subject payment of the amount

If in bill of exchange which amount is designated by copy-book and figures there are discrepancies between these designations, the bill of exchange is valid on the amount designated by copy-book.

If in bill of exchange the amount is designated several times or in cursive script, or figures, then in case of discrepancy between these designations the bill of exchange is valid on the smaller amount.

Article 7. Obligations of persons which signed the draft containing signatures of persons which not can be shall on this bill of exchange

If on bill of exchange there are signatures of persons not capable to undertake according to the draft, or false signatures (including forgery signatures or signatures of fictional persons), or signatures which on any other basis cannot oblige those persons who delivered them or on behalf of which the draft is signed, then obligations of other persons which signed the draft do not lose force.

Article 8. Effects of the signature of person acting without powers or with exceeding of the powers

Person which signed the bill of exchange as the representative of person, on behalf of whom it was not authorized to act itself shall on the bill of exchange and if it paid on the bill of exchange, has the same right which would be had by that person who was specified as represented. In the same provision there is representative who exceeded the authority.

Article 9. Obligations and responsibility of the drawer for the acceptance and for payment

The drawer is responsible for the acceptance and for payment.

The drawer has the right to decline all responsibility for the acceptance; any condition on which the drawer declines all responsibility for payment is considered insignificant.

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