Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Indication of time and place in electronic transferable record
16J. Where a rule of law requires the indication of time or place with respect to a transferable document or instrument, or provides for certain consequences if time or place is not indicated with respect to a transferable document or instrument, that requirement is met if a reliable method is used to indicate that time or place with respect to an electronic transferable record.[5/2021]
Indorsement
16K. Where a rule of law requires the indorsement in any form of a transferable document or instrument, or provides for certain consequences if a transferable document or instrument is not indorsed, that requirement is met with respect to an electronic transferable record if the information required for the indorsement is included in the electronic transferable record in compliance with the requirements for writing and signature in sections 16F and 16G respectively.[5/2021]
Amendment
16L. Where a rule of law requires the amendment of a transferable document or instrument, or provides for certain consequences if a transferable document or instrument is not amended, that requirement is met with respect to an electronic transferable record if a reliable method is used for the amendment of any information in the electronic transferable record so that the amended information is identified as such.[5/2021]
Change of medium from transferable document or instrument to electronic transferable record
16M.—(1) An electronic transferable record may replace a transferable document or instrument if a reliable method for the change of medium in accordance with this section is used.[5/2021] (2) For the change of medium mentioned in subsection (1) to take effect, the following requirements must be satisfied:(a) all the information contained in the transferable document or instrument must be accurately reproduced in the electronic transferable record that replaces the transferable document or instrument; (b) a statement indicating a change of medium must be inserted in the electronic transferable record that replaces the transferable document or instrument.[5/2021] (3) Upon the issuance of the electronic transferable record in accordance with subsections (1) and (2), the transferable document or instrument —(a) ceases to have any effect or validity; and (b) must be made inoperative.[5/2021] (4) A change of medium in accordance with subsections (1) and (2) does not affect the rights and obligations of the parties.[5/2021]
Change of medium from electronic transferable record to transferable document or instrument
16N.—(1) A transferable document or instrument may replace an electronic transferable record if a reliable method for the change of medium in accordance with this section is used.[5/2021] (2) For the change of medium mentioned in subsection (1) to take effect, the following requirements must be satisfied:(a) all the information contained in the electronic transferable record must be accurately reproduced in the transferable document or instrument that replaces the electronic transferable record; (b) a statement indicating a change of medium must be inserted in the transferable document or instrument that replaces the electronic transferable record.[5/2021] (3) For the purposes of subsection (2)(a), the information in the electronic transferable record that must be accurately reproduced in the transferable document or instrument that replaces the electronic transferable record does not include any additional information that may be contained in an electronic transferable record mentioned in section 16C.[5/2021] (4) Upon the issuance of the transferable document or instrument in accordance with subsections (1) and (2), the electronic transferable record —(a) ceases to have any effect or validity; and (b) must be made inoperative.[5/2021] (5) A change of medium in accordance with subsections (1) and (2) does not affect the rights and obligations of the parties.[5/2021]
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
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