Decision of the Standing Committee of the National Peoples Congress on Amending the Law of the Peopl

he right of recourse is exercised has settled the debt is accordance with the provisions of the preceding article， he may exercise the right of re-recourse against other persons liable for the bill of exchange and request them to pay the following sum and expenses：

　　（1）the entire sum he paid；

　　（2）interest， calculated at the rate prescribed by the People's Bank of China， on the said sum from the day when he made the payment to the day when the said sum is reimbursed after seeking re-recourse； and

　　（3）the expenses for the dispatch of notices.

　　When the person who exercises the right of re-recourse is reimbursed， he shall surrender the bill of exchange and relevant evidence of dishonor and issue a receipt of interest and expenses paid.

　　Article 72 When the person against whom the right of recourse is exercised has settled the debt according to the provisions of the preceding two articles， he shall be discharged from liabilities.

　　Chapter Ⅲ

　　Promissory Notes

　　Article 73 A promissory note is a negotiable instrument signed and issued by the maker promising to pay unconditionally the payee or bearer a sum certain in money at sight.

　　A promissory note as used in this Law means a banker's note.

　　Article 74 The maker of a promissory note shall possess a reliable source of funds to pay the sum of the note and guarantee its payment.

　　Article 75 The following particulars shall be specified on a promissory note：

　　（1）words expressing it to be a promissory note；

　　（2）a promise of unconditional payment；

　　（3）a sum certain in money；

　　（4）the business or personal name of the payee；

　　（5）the date of issue； and

　　（6）the signature of the maker.

　　A promissory note is invalid if any of the particulars mentioned in the preceding paragraph is not specified thereon.

　　Article 76 Particulars such as the place of payment and the place of issue specified on a promissory note shall be legible and unambiguous.

　　Where the place of payment is not specified on a promissory note， the business premises of the maker is the place of payment.

　　Where the place of issue is not specified on a promissory note， the business premises of the maker is the place of issue.

　　Article 77 The maker of a promissory note shall bear the liability for payment when the bearer presents the note for visa.

　　Article 78 The time limit for the payment of a promissory note shall not exceed two months from the date of issue.

　　Article 79 The be

arer of a promissory note loses the right of recourse against his prior parties other than the maker， if he fails to present the note for visa within the prescribed period of time.

　　Article 80 In addition to the provisions of this Chapter， the provisions of Chapter Ⅱof this Law regarding bills of exchange shall be applicable to endorsement， guaranty， payment and the exercise of the right of recourse in respect of promissory notes.

　　In addition to the provisions of this Chapter， the provisions of Article 24 of this Law regarding bills of exchange shall be applicable to issue of promissory notes.

　　Chapter Ⅳ

　　Cheques

　　Article 81 A cheque is a negotiable instrument that is signed and issued by the drawer， who authorizes the bank or other financial institution handing check deposit to pay unconditionally a sum certain in money to the payee or the bearer at sight.

　　Article 82 When opening a cheque account， the applicant must use the true personal or business name and submit legitimate document to prove the identity.

　　When opening a cheque account and asking for cheque books， the applicant shall have reliable financial credibility and deposit a certain amount of money.

　　When opening a cheque account， the applicant shall reserve a specimen of the signature of his true name and the seal.

　　Article 83 A cheque may be cashed or transferred into another's account. If a cheque is transferred to another's account， this should be clearly indicated on the face of the cheque.

　　A from of cash cheque may be specially designed and made to be paid only in cash and cash cheque may be can only be cashed.

　　A from of transfer cheque may be designed and made for cheques used to transfer account. A transfer cheque can only be transferred to another's account， and shall not be paid in cash.

　　Article 84 The following particulars shall be specified on a cheque：

　　（1）the word expressing it to be a cheque；

　　（2）an order of unconditional payment；

　　（3）a sum certain in money；

　　（4）name of the drawee；

　　（5）the date of issue； and

　　（6）the signature of the drawer.

　　A cheque is null and void if any one of the particulars mentioned in the preceding paragraph is not specified thereon.

　　Article 85 A cheque in which the sum is missing may be completed by the drawer's mandate. Such a cheque shall not be used before its completion.

　　Article 86 A cheque in which the name of the payee in missing may be completed by the drawer's mandate.

　　In case the place of payment is missing in a cheque， the business premises of the drawee is the place of payment.

　　In case the place of issue is missing in a cheque， the business premises， domicile or habitual residence of the drawer is the place of issue.

　　A drawer may specify himself on a cheque as the payee.

　　Article 87 The sum specified on a cheque singed and issued by the drawer shall not exceed the actual balance of the drawer's deposit in the paying bank at the time of payment.

　　Where the sum specified on a cheque singed and issued by the drawer exceeds the actual balance of the drawer's deposit in the paying bank at the time of payment， the cheque is a rubber cheque. The issue of a rubber cheque is prohibited.

　　Article 88 A drawer may not sing and issue a cheque for which the signature or seal is not in consistency with the reserved specimen of signature or seal.

　　Article 89 A drawer shall bear the liability for guaranteeing payment to a bearer the sum specified on the cheque signed and issued.

　　Where the balance of the drawer's deposit in the paying bank is sufficient to pay the sum of the cheque， the drawee shall pay the cheque in full on the day of presentment.

　　Article 90 A cheque is payable at sight and the date of payment may not be specified. A date of payment put o

n a cheque is invalid.

　　Article 91 A bearer shall present the cheque for payment within 10 days from the date of issue. The time limit for presentment for payment of a cheque used in a place other than the place of issue shall be prescribed separately by the People's Bank of China.

　　After the expiration of the time limit prescribed for presentment for payment of a cheque， the drawee may choose not to pay the cheque. Where the cheque is dishonored， the drawer shall bear the liability for the instrument to the bearer.

　　Article 92 The drawee who has paid the sum of the cheque according to law shall no longer bear the liability as an authorized payer to the drawer or the liability for payment to the holder， except that the drawee made the payment out of ill intention or with gross negligence.

　　Article 93 In addition to the provisions of this Chapter， the provisions of Chapter Ⅱ of this Law regarding bills of exchange shall be applicable to endorsement， payment and the exercise of the right of recourse with regard to cheques.

　　In addition to the provisions of this Chapter， the provisions of Articles 24 and 26 of this Law shall be applicable to issue of cheques.

　　Chapter Ⅴ

　　Application of Law to Negotiable Instruments Involving Foreign Elements

　　Article 94 The application of law to negotiable instruments involving foreign elements is determined according to the provisions of this Chapter.

　　Negotiable instruments involving foreign elements as mentioned in the preceding paragraph refer to the instruments that are issued， or endorsed， or accepted， or guaranteed， or paid either within or outside， the territory of the People's Republic of China.

　　Article 95 If any international treaty concluded or acceded to by the People's Republic of China contains provisions differing from those of this Law， the provisions of the international treaty shall apply； however， provisions on which the People's Republic of China has announced reservations shall be excepted.

　　International practices may be applied to matters for which no provisions are contained in this Law or in international treaty concluded or acceded to by the People's Republic of China.

　　Article 96 As regards the capacity for civil conduct of a person liable for a negotiable instrument， the law of his own county shall apply.

　　Where a person liable for a negotiable instrument is regarded as one having civil disability or limited civil ability according to the law of the place county， but as one having full civil ability according to law of the place of his conduct， the law of the place of his conduct shall apply.

　　Article 97 As regards the particular concerning the date for the issue of bills of exchange or promissory notes， the law of the place of issue shall apply.

　　As regards the particular concerning the date for the issue of cheques， the law of the place of issue shall apply. However， the law of the place of payment may apply with the agreement of the parties to a cheque.

　　Article 98 As regards the endorsement， acceptance， payme

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