Hk Business Law Assignment Part IIPart IIExplain the meaning and liability of a drawer of a bill of exchange and identify who is the drawer of this sample bill of exchange.The drawer is the party who âdraws upâ the bill of exchange. When bills were first used, the process of drawing up was lengthy because they were written by hand. Today, the drawer usually completes a pre-printed form which includes his name and other key phrases.The drawer addresses his order to the drawee. The drawer will specify the amount of money which is to be paid and order the drawee to make that payment. The drawer must also specify who is to receive the payment. The drawer must sign the order. His signature is very important: without it, the order is not a bill. However, his signature may be some other person acting under his authority.The drawer is primarily liable to pay the bill of exchange that he has drawn up unless the drawee accepts that responsibility. If the drawee is primarily liable to pay, the drawerâs liability is as a surety, i.e. he is liable to pay the order only if the drawee fails to pay.The drawerâs order to pay is directed the drawee. In the example above, (Dora Ng) Dora Co. Ltd. is the drawer, and he is addressing his order to Star Co. Ltd., who is the drawee of the bill. And a bill must be signed by the drawer or by a person authorised to sign on his behalf (s.97). On this bill also is signed by Dora Ng.
Explain the meaning and liability of a drawee of a bill of exchange and identify who is the drawee of this sample bill of exchange.The drawee is the party who is order to pay the amount of money stated in the bill of exchange. For example, the drawee may be the buyer of the goods. In practice, the drawee of a bill of exchange is often a banker, and the drawee of a cheque must be a banker.The order to pay does not make the drawee liable. He cannot be sued for the amount stated in the bill of exchange simply because he has been named as drawee. The drawee is only liable to pay if he accepts the bill. The bill must be presented to the drawee, and if he agrees with the order he will sign the front of the bill and may write or stamp âacceptedâ. Once the drawee has accepted, he is described the acceptor and is then primarily liable to pay the bill.
Budget
The budget document is prepared for Budget of an employee, not a committee, and is generally signed by the employee and the committee member.
If a committee member is not involved in the budgeting, the department receives from the employee a document indicating that the budget had not been presented to the employees by the department or an appropriate representative thereof. It may be a written contract or a draft agreement as to the budget being submitted, signed by the employee, that states that it would be approved if presented to an individual committee. It may include the number of days the budget was submitted (the time it would not change if presented to the employees), the date the budget was submitted, the amount of the surplus, and the term of the contract.
This document (1) has been amended to show that funds not provided by the program, in part or in whole (except the provisions of subsection (1) below), to be used in funding programs in whole or in part, are provided for by the Department of Transportation
This document (2) includes the language of the “budget process” as if the budget were provided by another body at the time the budget proposal was submitted. By adding the language, any part of this document shall not be confused with the budget process.
The department will determine the size of the budget by using its appropriation review (the budgetary review described in this section), which is to be funded during the fiscal year. A budget review is a separate, nonmeans-tested review of a program’s budget and all appropriations and revenues otherwise designated by the program. An appropriation review is not approved without the written approval of the department. Although the budget review process is required to meet the department’s funding budget limitations, it does not require that an agency submit an appropriation plan for additional funds.
Under the direction of a committee or an employee, the department has agreed that the funds provided under subsection (3)(a) of this section shall be used in the administration of other programs, and that certain types of money shall not be excluded or treated as a separate appropriation. The Department shall use such funds to carry out any federal program of public expenditure, or any federal program that is required by law to be carried out in the capacity in effect at the time a Federal fiscal year is designated as a fiscal year for the purposes of funding that year.
The department expects a request from a committee to authorize the use of such funds (for example, for an appropriations program of an existing program) for purposes of carrying out a program that carries out the program designated by this section.
<\/p>In determining the amount of the spending limitation required by subsection (3)(a)(i), the department takes into consideration all other factors and shall make the following estimates of the limits placed by the department under this section, including the amounts due under subsection (3)(a)(ii)(A