Electronic Transactions Act 2010 · 2020 Revised Edition · Part 2A · Electronic Transferable Records
16M. Change of medium from transferable document or instrument to electronic transferable record
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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.
electronic transferable record
“electronic transferable record” has the meaning given by section 16A;
For the change of medium mentioned in subsection (1) to take effect, the following requirements must be satisfied:
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.
Upon the issuance of the electronic transferable record in accordance with subsections (1) and (2), the transferable document or instrument —
transferable document or instrument
“transferable document or instrument” means a document or an instrument issued on paper that entitles the holder to claim the performance of the obligation indicated in the document or instrument and to transfer the right to performance of the obligation indicated in the document or instrument through the transfer of that document or instrument, and includes —(a)a bill of exchange;(b)a promissory note; and(c)a bill of lading.
ceases to have any effect or validity; and
must be made inoperative.
A change of medium in accordance with subsections (1) and (2) does not affect the rights and obligations of the parties.