Laws of tuvalu



Download 106.67 Kb.
Page7/14
Date06.04.2021
Size106.67 Kb.
1   2   3   4   5   6   7   8   9   10   ...   14
"promissory note" means an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.
2 Insuring Clauses
Subject to this Schedule and to the provisions of section 6 of this Ordinance, the Government shall make good to the Bank any financial loss sustained by the Bank as stated in the Insuring Clauses listed hereunder.
INSURING CLAUSE 1
By reason of an event solely and directly caused by one, or more than one, dishonest or fraudulent act of any of the employees of the Bank, committed with the manifest intent of making, and resulting in, improper financial gain for themselves, wherever committed and whether committed alone or in collusion with others, including loss of property through any such act.
For the purposes of this Insuring Clause, salary, fees, commissions and other emoluments, including salary increases and promotions, shall not constitute financial gain.
INSURING CLAUSE 2
By reason of —
(1) property being lost through theft, larceny, burglary, robbery, false pretences, hold-up or mysterious unexplainable disappearance or being damaged, destroyed or misplaced, howsoever or by whomsoever caused, while the property is (or is supposed to be) in or upon any premises of the Bank; or
(2) property being lost through any of the perils specified in paragraph (1) of this Insuring Clause while in the possession of a customer or any representative of a customer, when on the premises of the Bank, whether or not the Bank is legally liable for the loss, but excluding any loss caused by the customer or representative. This Insuring Clause does not cover loss of or damage to property while in the mail.
INSURING CLAUSE 3
By reason or property being lost or damaged from any cause while in transit anywhere in the custody of any employee of the Bank.
This Insuring Clause does not cover loss of or damage to property while it is in the mail.
For the purposes of this Insuring Clause —
(a) transit shall be deemed to commence from the time the employee of the Bank receives the property from or on behalf of the Bank and shall be deemed to end immediately on the handing over by the employee at the destination;
(b) when the Bank undertakes payroll or similar operations on behalf of a customer the transit shall be deemed to terminate immediately on arrival at the customer’s premises.
INSURING CLAUSE 4
By reason of —
(1) the forgery or fraudulent alteration of, or in any cheques, bills of exchange, acceptances, drafts, certificates of deposit, letters of credit, withdrawal receipts for the withdrawal of funds, money orders, orders upon public treasuries; or
(2) the payment by the Bank of forged or altered promissory notes or of promissory notes bearing forged endorsements.
Those instruments may be in any script with which the employee acting upon the instruments is conversant. Mechanically reproduced facsimile signatures shall be treated as being the same as handwritten signatures.
This Insuring Clause does not cover any loss sustained by reason of forgery of any of those instruments if they are genuinely signed or endorsed but are false as to contents. The words ‘forgery’ or ‘forged’ do not mean nor include such genuinely signed or endorsed instruments which are false as to contents.
The word ‘payment’, in relation to promissory note, means the discharge by the Bank of the promissory note and does not include the purchase, discount, sale, loan or advance of or on the promissory note.
INSURING CLAUSE 5
By reason of the receipt by the Bank in good faith of any counterfeited or altered paper currency or coin issued or purported to have been issued by or to~ be legal tender in Tuvalu.
INSURING CLAUSE 6
By reason of —
(1) loss of or damage to furnishings, fixtures, stationery, supplies or safes and vaults within any office of the Bank caused by burglary, robbery, hold-up, theft or larceny, or any attempt thereat, or by vandalism or malicious mischief; or
(2) loss through damage to any such office caused by burglary, robbery, hold-up, theft or larceny, or any attempt thereat, or to the interior of any such office by vandalism or malicious mischief:
Provided that the Bank is the owner of those furnishings, fixtures, equipment, stationery, supplies or safes and vaults or offices or is liable for any such loss or damage.
This Insuring Clause does not cover loss or damage through fire.



Share with your friends:
1   2   3   4   5   6   7   8   9   10   ...   14




The database is protected by copyright ©essaydocs.org 2020
send message

    Main page