New law on cheques’ encashment issued
Publish Date: Friday,14 May, 2010, at 01:44 AM Doha Time
HH the Emir Sheikh Hamad bin Khalifa al-Thani issued yesterday Law No. 7 of 2010 amending some provisions of the commercial law issued by Law No. l27 of 2006. According to the new law, article 580 of the abovementioned commercial law shall be replaced by the following: Cheques shall be encashed immediately on presentation and any statement contravening this shall be deemed null and void. If a cheque is presented before its issuing date, the instrument shall be paid on its presentation date. In this case the bank may refuse to pay its value until the arrival of the day set as the issuing date. If the bank makes the encashment before that date it shall be deemed responsible for the harm resulting from such a move. The law is to be implemented and is to be published in the official gazette.
New law on cheques’ encashment issued
Publish Date: Friday,14 May, 2010, at 01:44 AM Doha Time
HH the Emir Sheikh Hamad bin Khalifa al-Thani issued yesterday Law No. 7 of 2010 amending some provisions of the commercial law issued by Law No. l27 of 2006. According to the new law, article 580 of the abovementioned commercial law shall be replaced by the following: Cheques shall be encashed immediately on presentation and any statement contravening this shall be deemed null and void. If a cheque is presented before its issuing date, the instrument shall be paid on its presentation date. In this case the bank may refuse to pay its value until the arrival of the day set as the issuing date. If the bank makes the encashment before that date it shall be deemed responsible for the harm resulting from such a move. The law is to be implemented and is to be published in the official gazette.