RESOLUTION                                           
      CONCERNING THE ACCESSION OF THE REPUBLIC OF LITHUANIA                     
   TO THE GENEVA CONVENTIONS ON BILLS OF EXCHANGE AND CHEQUES                   
                                                                                
                                                                                
                                                                                
     The Supreme Council of the Republic of Lithuania resolved:                 
                                                                                
     1. To  restore the accession of the Republic of Lithuania to               
the Geneva  Convention Providing  a  Uniform  Law  for  Bills  of               
Exchange and  Promissory Notes  signed in 1930, and to the Geneva               
Convention Providing a Uniform                                                  
     Law for Cheques signed in 1931.                                            
                                                                                
     2. To  extend the  validity of the Republic of Lithuania Law               
on Bills of Exchange and Law on Cheques (revised editions) passed               
on 1  October 1938  whose texts  are presented  in Appendix 1 and               
Appendix 2 of this Resolution.                                                  
                                                                                
                                                                                
                                                                                
VYTAUTAS LANDSBERGIS                                                            
President                                                                       
Supreme Council                                                                 
Republic of Lithuania                                                           
                                                                                
Vilnius                                                                         
30 June 1992                                                                    
No. I-2688                                                                      
                                                                                
                                                                                
                                                                                
                                                                                
                                        APPENDIX No. 1                          
                                   to the Supreme Council                       
                                   of the Republic of Lithuania                 
                                   Resolution No. I-2688                        
                                   of 30 June 1992                              
                                                                                
                                                                                
                                                                                
                                                                                
                               LAW                                              
                               ON                                               
             BILLS OF EXCHANGE AND PROMISSORY NOTES                             
                                                                                
                                                                                
                                                                                
     This  Law   shall  regulate   the  procedure   for  issuing,               
guaranteeing, paying,  endorsing, and using bills of exchange and               
promissory notes,  as well  as the  procedure for  regulating the               
claims and consequences arising  therefrom.                                     
     The concept  of "person"  as used in this Law shall apply to               
both legal  and natural persons.                                                
                                                                                
                                                                                
                       GENERAL PROVISIONS                                       
                                                                                
                                                                                
                                                                                
     Bills of  exchange (drafts)  and promissory  notes (one-name               
papers)    are  securities  -  documents  the  drawers  of  which               
unconditionally obligate   themselves  (pledge)  to  directly  or               
indirectly pay  a sum certain to  the persons designated therein,               
either themselves or by commissioning  another persons to do so.                
                                                                                
     Persons who draw bills of exchange are commissioning a third               
person   to pay  a sum certain to the person named on the bill of               
exchange.                                                                       
     Makers of  promissory notes  are pledging  to  pay  the  sum               
therein specified  themselves.                                                  
                                                                                
                                                                                
                                                                                
                             PART 1                                             
                   BILLS OF EXCHANGE (DRAFTS)                                   
                                                                                
                                                                                
                            Chapter 1                                           
                                                                                
             Execution and Form of Bills of Exchange                            
                                                                                
                                                                                
                                                                                
     Article 1. Execution of Bills of Exchange                                  
                                                                                
     Bills of exchange must contain:                                            
     1) the words "bill of exchange" in the text of the document,               
in the language in which it is written;                                         
     2) an unconditional commission to pay the specified sum;                   
     3) the name of the drawee;                                                 
     4) the date of payment;                                                    
     5) the place of payment;                                                   
     6) instructions  to whom  or on  whose order the sum must be               
paid;                                                                           
     7) the place and date the bill of exchange is drawn; and                   
     8) the signature of the drawer.                                            
     In the  event that  the drawer  is for some reason unable to               
sign the  bill of exchange personally, another person may sign it               
at the  drawer's   request. In  such cases,  it must be confirmed               
according to  the notarial   procedure  that the bill of exchange               
was signed at the drawer's request.                                             
                                                                                
     Article 2. Validity of Bills of Exchange in which All                      
               Requisites  are not Written                                      
                                                                                
     A document  which is  lacking even  one  of  the  requisites               
listed under   Article  1, with  the exception  of those  further               
specified in  this Law,   shall  not be  enforceable as a bill of               
exchange.                                                                       
     A bill  of exchange which does not specify the date on which               
it is  payable shall be deemed payable at sight.                                
     Unless a  bill of  exchange contains a separate inscription,               
the place   indicated  next to  the name  of the  drawee shall be               
considered the place  of payment as well as the drawee's place of               
residence.                                                                      
     A bill  of exchange  which does  not indicate  its place  of               
drawing shall  be considered drawn (issued) in the place which is               
indicated next  to the drawer's name.                                           
                                                                                
     Article 3. Drawing Bills of Exchange                                       
                                                                                
     Bills of exchange may be drawn on the order of the drawer.                 
     Bills of  exchange may  be drawn on the drawer himself or on               
the third  person.                                                              
                                                                                
                                                                                
     Article 4. The Place of Payment                                            
                                                                                
     A bill of exchange may be presented for payment at the place               
of residence   of  the third  person or the drawee, or at another               
place.                                                                          
                                                                                
     Article 5. Interest                                                        
                                                                                
     In bills  of exchange  payable at  sight or within a certain               
period after  sight, the drawer may prescribe interest payable on               
the sum  of the   debt  stated in the document. In other bills of               
exchange, records concerning  interest shall be invalid.                        
     The rate  of interest  must be  specified  in  the  bill  of               
exchange. If   the  above provision  is not indicated, the record               
concerning the payment  of interest shall be invalid.                           
     Interest shall  run from  the date that the bill of exchange               
is issued,  unless another date is specified in the bill.                       
                                                                                
     Article 6. The Amount of the Bill of Exchange                              
                                                                                
     If the  amount of the bill of exchange written in words does               
not correspond   to  the amount  written in  figures, the  amount               
written in words shall  be valid.                                               
     If the  amount on  the bill  of exchange  is written several               
times in   words  or in figures but the amounts are inconsistent,               
the smallest  amount shall be valid.                                            
                                                                                
     Article 7. Invalid Signatures                                              
                                                                                
     If a bill of exchange contains signatures of persons who may               
not assume  liability on a bill, forged signatures, signatures of               
fictitious persons,   signatures  made on behalf of other persons               
with a different intent,  or signatures made in the name of other               
persons, the  validity of  the  other  signatures  shall  not  be               
influenced thereby.                                                             
                                                                                
     Article 8. Representative not Having the Right to Represent                
                                                                                
     Persons who  sign  their  names  on  bills  of  exchange  as               
representatives   of other  persons  but  who  do  not  have  the               
authorisation therefor  shall   become personally  liable on  the               
bill and,  upon paying  the bill  of  exchange, shall acquire the               
same rights as would have the persons they allegedly represented.               
The same procedure shall be applied to representatives who exceed               
their right to represent.                                                       
                                                                                
     Article 9.  Liability of the Drawer                                        
                                                                                
     Drawers of  bills of  exchange shall  be  liable  for  their               
acceptance   and payment.  They may  disclaim their liability for               
the acceptance   of  the bill  of exchange, although they may not               
refuse liability for  its payment. Any writing concerning refusal               
of liability for the payment  of a bill shall be invalid.                       
                                                                                
     Article 10.  Incomplete Bills of Exchange                                  
                                                                                
     If a bill of exchange is incomplete upon its issuance and is               
later   supplemented in  violation of the adopted agreements, the               
holder's  non-compliance with said agreements shall not be deemed               
a violation,   unless he acquired the bill of exchange illegally,               
or, while acquiring  it, did not know, but could have known, that               
the person  from whom   he  acquired the  bill of exchange had no               
right to transfer it to another  person.                                        
                                                                                
                                                                                
                            Chapter 2                                           
                                                                                
          Endorsement (Transfer of a Bill of Exchange)                          
                                                                                
     Article 11. The Procedure for Endorsement                                  
                                                                                
     Every bill  of exchange  may be  transferred by  endorsement               
even if it  does not have the words "or order" written thereon.                 
     If the  drawer of a bill of exchange has written thereon the               
words   "not to the order" or any other analogous words, the bill               
of  exchange   may  be  endorsed  only  in  compliance  with  the               
conventional rules of  endorsement.                                             
     A bill  of exchange  may be  endorsed for the benefit of the               
drawee,  regardless of whether he did or did not accept the bill,               
as well as  for the benefit of the drawer or any other person who               
is obligated   on  the bill of exchange. Said persons may further               
endorse such bill  of exchange.                                                 
                                                                                
     Article 12. Ineffective Endorsement                                        
                                                                                
     The endorsement of a bill of exchange must be unconditional.               
Any  conditions   which  may  affect  the  endorsement  shall  be               
invalid.  Restrictive endorsement shall be invalid.                             
     An endorsement  written on  behalf of  the holder  shall  be               
equivalent  to blank endorsement.                                               
                                                                                
     Article 13. Blank Endorsement                                              
                                                                                
     An endorsement must be written on the bill of exchange or on               
a part   thereof  (a paper  affixed thereto). The endorser's name               
must be signed  thereon.                                                        
     The person  in whose favour the endorsement is made does not               
have to   be  named, or  the endorsement  may be  made by  simply               
writing the   endorser's name (blank endorsement). In such cases,               
the endorsement,   in  order to be valid, shall be written on the               
back of the bill of  exchange or on the paper affixed thereto.                  
                                                                                
     Article 14. Endorsement Rights                                             
                                                                                
     By endorsement,  all the  rights in the bill of exchange are               
transferred   [to  the  transferee].  In  the  case  of  a  blank               
endorsement, the owner  (holder) of the bill of exchange may:                   
     1) fill  in his  own or  another person's  name  [above  the               
endorsement];                                                                   
     2) further  transfer the  bill of exchange to another person               
by endorsing  it in blank; and                                                  
     3) transfer  the bill  of exchange to a third person without               
officially  registering his endorsement.                                        
                                                                                
     Article 15. Liability of the Endorser                                      
                                                                                
     The endorser  shall be liable for the acceptance and payment               
of the  bill of exchange, unless it is written otherwise.                       
     Endorsers  may   prohibit  further  transfers  of  bills  of               
exchange. In  such cases, they shall not be liable to the persons               
in whose favour  further endorsement of the bill is made.                       
                                                                                
     Article 16. The Owner of the Bill of Exchange                              
                                                                                
     The holder of a bill of exchange shall be its rightful owner               
if said   person  proves his  right to  the bill  by a continuous               
order of  endorsements   even though  the last  endorsement be in               
blank.   In this  case, endorsement  signatures which are crossed               
out  shall  be  deemed  never  to  have  been    written.  If  an               
endorsement of another type follows an endorsement  in blank, the               
person who signed the endorsement of another type shall be deemed               
to have acquired the bill of exchange by an endorsement in blank.               
     In the  event that  a person  in any  way loses  a  bill  of               
exchange, its   new  owner, upon proving his right to the bill in               
the manner  specified   in Par.1  hereof, only  has to return the               
bill if  he acquired  it by   fraud or if, while acquiring it, he               
                                                                                
did not know, but could have known,  that the person who endorsed               
the bill to him had no right to transfer  it to another person.                 
                                                                                
     Article 17. Bill Debtor's Claims                                           
                                                                                
     Persons against  whom action  on a  bill is  brought may not               
make any   claims  against the  owner of the bill on the basis of               
personal relations   between said persons and the drawer or prior               
owners of  the bill, unless  the owner of the bill when acquiring               
it acted in bad faith to the  detriment of the debtor.                          
                                                                                
     Article 18. The Rights of the Owners of Bills of Exchange                  
                                                                                
     If the  endorsement includes  the phrases  "for recovery  of               
money", "for collection", "by warrant", or other words describing               
a blank  endorsement,   the owner  shall be  entitled to  all the               
rights incident to the bill,  although he may only transfer it by               
another special endorsement.                                                    
     In such cases, the parties obligated on the bill of exchange               
may only   make  claims against  the owner  which they would have               
against the endorser.                                                           
     Transfer by  special endorsement  shall also  be enforceable               
after the  endorser dies or after he becomes incompetent.                       
                                                                                
     Article 19. Lien                                                           
                                                                                
     When an  endorsement contains  the words "for deposit", "for               
security" or other analogous words establishing a lien, the owner               
shall be  entitled to  all the  rights incident  to the  bill  of               
exchange. However,  an endorsement  written by the owner shall be               
enforceable as an endorsement made by  a representative.                        
     Persons obligated  on the  bill of  exchange  may  not  make               
claims against  the owner  which  are  based  on  their  personal               
relations with  the endorser unless the owner, upon acquiring the               
bill of  exchange, was  guilty  of  actions  which  were  to  the               
detriment of the debtor.                                                        
                                                                                
     Article 20. Endorsement upon the Maturity of Bills of                      
               Exchange                                                         
                                                                                
     Endorsements made  upon the  maturity of  a bill of exchange               
shall have  the same  effects as  endorsements made  prior to its               
maturity. However,   endorsements made after a protest concerning               
non-payment or  upon the   expiration  of the established protest               
term shall only be considered  a blank endorsement of the bill of               
exchange.                                                                       
     If the  date of  endorsement is  not stated, the endorsement               
shall  be  considered  to  have  been  made  prior  to  the  term               
established for  protests   to be  made official,  unless  it  is               
proved to the contrary.                                                         
                                                                                
                                                                                
                            Chapter 3                                           
                                                                                
                           Acceptance                                           
                                                                                
                                                                                
                                                                                
     Article 21. Presentment for Payment                                        
                                                                                
     The owner  or other holder of a bill of exchange may present               
it for   acceptance  to the  drawee at his residence prior to the               
expiration   of the  period established  for the  payment of  the               
bill.                                                                           
                                                                                
                                                                                
     Article 22. Instructions of the Drawer and Endorser                        
                                                                                
     The drawer  may inscribe  on  each  bill  of  exchange  that               
presentment   of the  bill for  acceptance is  necessary, and may               
choose whether or  not to specify the period of acceptance.                     
     The drawer  may  interdict  the  acceptance  of  a  bill  of               
exchange if  it  is not a bill of exchange payable with the third               
party, or if it is  payable somewhere other than the residence of               
the drawer,  or if  it  is payable within a fixed period from its               
presentment.                                                                    
     The drawer  may also establish that the bill of exchange may               
not be  presented for acceptance prior to the stated date.                      
     Each endorser  may indicate  that a bill of exchange must be               
presented   for acceptance,  and may  decide whether  or  not  to               
specify the  period   of acceptance unless the drawer of the bill               
of exchange stated that  the bill is not subject to acceptance.                 
                                                                                
     Article 23. Period for Presentment for Payment                             
                                                                                
     Bills of  exchange payable  within  a  certain  period  from               
presentment   must be  presented for  acceptance within  one year               
from the date of  issue.                                                        
     The drawer  of the  bill of exchange may establish a shorter               
time limit   or defer presentment for acceptance. Endorsers shall               
have the right  to fix a shorter time limit.                                    
                                                                                
     Article 24. Re-Presentment for Payment                                     
                                                                                
     The  drawee  may  require  that  the  bill  of  exchange  be               
presented  for   a  second  time  on  the  day  after  the  first               
presentment.  The   parties  concerned   may  only  justify  non-               
compliance with  the above  requirement  by  the  fact  that  the               
requirement is stated in the instrument of protest.                             
     The owner shall not be obliged to leave the bill of exchange               
presented  for acceptance with the drawee.                                      
                                                                                
     Article 25. Execution of Acceptance                                        
                                                                                
     Acceptance shall  be written  on the  bill of  exchange.  It               
shall be  denoted   by the word "accepted" or any other analogous               
word and  shall be  signed   by the drawee. The mere signature of               
the  drawee   on  the  face  of  the  bill  shall  be  considered               
acceptance.                                                                     
     If a  bill of  exchange is  payable within  a certain period               
after presentment  or if it must be presented for acceptance at a               
fixed date  under a   separate  agreement, the date of acceptance               
must be  the day when the  acceptance is actually written, unless               
the owner  of the  bill of exchange  requires that presentment be               
dated. If  the acceptance is not dated,  the owner of the bill of               
exchange, in  order to  preserve his  rights  to the endorser and               
the drawer  of the  bill, must  certify the omission  by a timely               
executed instrument of protest.                                                 
                                                                                
     Article 26. Declaration of Acceptance                                      
                                                                                
     Acceptance shall  be unconditional,  although the drawee may               
accept a part of the amount of the bill of exchange.                            
     Any other alteration of the contents of the bill of exchange               
made by  acceptance shall  be considered  refusal to  accept  the               
bill. The  acceptor shall  nevertheless be liable for the content               
of his acceptance.                                                              
                                                                                
     Article 27. Domiciled Bill of Exchange                                     
                                                                                
     When the  drawer states  in a  bill of  exchange that  it is               
payable  somewhere   other  than  the  residence  of  the  drawee               
(domiciled bill),  but does   not  state the  place of  the third               
party where  the bill  must be  paid,  the drawee may specify the               
said party  when accepting the bill. In  the event of omission of               
the above  statement, it  shall be  assumed  that the acceptor is               
commissioning himself to pay the bill in the  place of payment.                 
     If a  bill of  exchange must be paid at the residence of the               
drawee,   the drawee  may  specify  any  place  of  payment  when               
accepting the bill.                                                             
                                                                                
     Article 28.  Enforceability of Acceptance                                  
                                                                                
     By accepting  a bill  of exchange,  the drawee is committing               
himself  to pay the bill upon its maturity.                                     
     Upon nonpayment,  the owner,  being the  drawer of the bill,               
shall have   the right to bring an action on the bill of exchange               
directly against   the acceptor and to require payment of amounts               
specified in Article  48 and 49 of this Law.                                    
                                                                                
     Article 29. Crossing Out Acceptance                                        
                                                                                
     If the  drawee, before returning a bill of exchange, crosses               
out his   statement  of acceptance,  it shall  be considered that               
acceptance is   refused.  It shall  also be  considered that  the               
statement was crossed  out before returning the bill of exchange,               
unless its is proved to  the contrary.                                          
     However, if  the drawee gives a written notice of acceptance               
to the   owner  of the  bill of  exchange or any signatory on the               
bill of  exchange,   he shall  assume obligations  to them on the               
terms (contents) of the  bill.                                                  
                                                                                
                                                                                
                            Chapter 4                                           
                                                                                
             Guarantee of Bills of Exchange (Avail)                             
                                                                                
                                                                                
     Article 30. The Essence of Avail                                           
                                                                                
     Payment of a bill of exchange may be guaranteed by avalising               
the bill  or a part of its amount.                                              
     The grantor  of the  Avail shall  either be a third party or               
even the  person who signed the bill of exchange.                               
                                                                                
     Article 31. Execution of Avail                                             
                                                                                
     The Avail  is executed on a bill of exchange or on the paper               
affixed thereto. It shall be given by writing the word "avalised"               
or any  analogous   words, and  by the signature of the guarantor               
(avaliser).                                                                     
     The signature  alone of the guarantor, with the exception of               
the signature   of  the drawee or the drawer, on the front of the               
bill of exchange  shall be the aval.                                            
     When avalising,  it is  necessary to  specify the  party for               
whose liability   the  guarantee is  given. Omission of the above               
statement shall  signify   that the  guarantee is  given for  the               
liability of the drawer.                                                        
                                                                                
     Article 32. Liability and Rights of the Guarantor                          
                                                                                
     The  guarantor   and  the   party  for  whose  liability  he               
guarantees shall   be  jointly liable.  The obligation  shall  be               
binding also in the case  when it appears ineffective for reasons               
other than faulty execution.                                                    
     Upon paying  the  bill  of  exchange,  the  guarantor  shall               
acquire the   right  of recourse to the party for whose liability               
                                                                                
he guaranteed,   and to parties who are liable on the bill to the               
above party.                                                                    
                                                                                
                                                                                
                            Chapter 5                                           
                                                                                
                         Date of Payment                                        
                                                                                
     Article 33. Date of Payment of Bills of Exchange                           
                                                                                
     A bill  of exchange may be drawn to be paid in the following               
ways:                                                                           
     1) upon its presentment;                                                   
     2) at a stated period after presentment;                                   
     3) at a stated period from its date of drawing; or                         
     4) at the stated date.                                                     
     Bills of  exchange whereon another date of payment is stated               
shall not be valid.                                                             
                                                                                
     Article 34. Bills of Exchange Payable "On Demand"                          
                                                                                
     Bills of  exchange payable  "on demand"  must be  paid  upon               
presentment.                                                                    
     They must  be presented  within one  year from  the day that               
they are   drawn.  The drawer  may shorten  or  extend  the  said               
period. The endorser  may shorten the period.                                   
     The drawer  may establish that "on demand" bills of exchange               
may not   be  presented for  payment before  the stated date.  In               
such cases,  the   period of  presentment shall commence from the               
stated date.                                                                    
                                                                                
     Article 35. Payment at a Set Period                                        
                                                                                
     The date  of payment of a bill payable at a set period after               
its presentment  shall be established in accordance with the date               
it is accepted or  protested.                                                   
     If a  bill of exchange is not protested, acceptance shall be               
considered   to have  been declared  on the  last day  fixed  for               
acceptance.                                                                     
                                                                                
     Article 36. Date of Payment                                                
                                                                                
     A bill of exchange payable within one or several months from               
the day   of  its drawing  or presentment  shall  mature  on  the               
corresponding day   of  the month of payment. If the month has no               
corresponding day, the  date of maturity shall be the last day of               
the month.                                                                      
     If a bill is payable within one or several full months and a               
half   from the  date of  issue or  presentment, first  the  full               
months shall  be counted.                                                       
     If the  date of  payment is  fixed at  the beginning, middle               
(middle of  January, middle of February, etc.) or end of a month,               
said dates  shall   be on  the first, fifteenth, or last day of a               
month, respectively.                                                            
     The words  "eight days"  and "fifteen  days" shall establish               
not the  period of one or two weeks, but the full period of eight               
or fifteen   days,  respectively. The  words "half a month" shall               
signify a period  of fifteen days.                                              
                                                                                
     Article 37. Procedure for Payment                                          
                                                                                
     If a bill of exchange is payable at a stated date at a place               
where   a calendar  other than the one used in the place of issue               
is operative,   the  date of  payment shall be fixed according to               
the calendar used  in the place of payment.                                     
                                                                                
     If a  bill is  payable at  another place within a set period               
after drawing   and  the calendar  of said place differs from the               
one used  in the  place  of issue of the bill, the day of drawing               
of the  bill shall be adjusted  to the corresponding calendar day               
of the  place of  payment and  the   date  of  payment  shall  be               
established in this manner.                                                     
     The period  for  presenting  the  bill  shall  be  fixed  in               
accordance with  the rules set forth in Par.2 hereof.                           
     The above  rules shall  be not apply when any writing on the               
bill or  the contents of the bill prescribe that other rules must               
be applied                                                                      
                                                                                
                                                                                
                            Chapter 6                                           
                                                                                
                             Payment                                            
                                                                                
     Article 38. Presentment for Payment                                        
                                                                                
     The owner  of a  bill of exchange payable at a fixed date or               
at a  set   period after  its drawing or presentment must present               
the bill  on the   day  of payment or on any of the two following               
days.                                                                           
                                                                                
     Article 39. Rights of the Person who Pays the Bill of                      
               Exchange                                                         
                                                                                
     When paying  a bill  of exchange, the drawee may request the               
owner's  signed receipt of the instrument upon its surrender.                   
     The owner  may not  refuse to  accept partial  payment. When               
making  a   partial  payment,  the  drawee  may  request  that  a               
corresponding inscription   be  made on  the bill of exchange and               
that he be issued a signed receipt  for partial payment.                        
                                                                                
     Article 40. Payment before the Stated Date                                 
                                                                                
     The owner  of a  bill of  exchange may  not be  compelled to               
receive payment   before  the stated date. When paying before the               
stated date, the drawee  shall do this at his own risk.                         
     Upon timely  payment, the  drawee shall  be discharged  from               
liability   on the bill of exchange, provided that he did not act               
fraudulently   or in  bad faith.  He must  check the  consecutive               
order of endorsements  but not the signatures of the endorsers.                 
                                                                                
     Article 41. Currency of the Bill of Exchange                               
                                                                                
     If the  currency specified on the bill of exchange is not in               
circulation   in the  place of payment, the amount may be paid in               
the currency  of   the place where the payment is made and at the               
rate of  exchange established  on the day of payment. When a bill               
of exchange is paid after its maturity,  the owner may at his own               
discretion request  that payment be made in  the currency of that               
country according  to the exchange rate as of  the date fixed for               
payment or of the date that the payment is made.                                
     When establishing  the exchange  rate of  foreign  currency,               
traditions  of the country of payment shall be observed. However,               
the drawer  of   the bill  of exchange  may  establish  that  the               
payable amount  be calculated   in  accordance with  the exchange               
rate specified on the bill.                                                     
     The above  rules  shall  not  be  applied  when  the  drawer               
establishes that   the  payment must  be  made  in  the  currency               
specified on the bill of  exchange.                                             
     If the  amount is  stated on  the bill  of exchange  in  the               
currency whose  unit has an identical name but different value in               
the country of the  drawer and the drawee, it shall be considered               
that the currency of  the country of payment is stated.                         
                                                                                
     Article 42. Depositing the Amount of the Bill of Exchange                  
                                                                                
     Upon failure  to present  a bill  of exchange for payment at               
the period   set  in Article  38, the bill debtor may deposit the               
amount  stated   on  the   bill  of  exchange  with  a  competent               
institution at the holder's  risk and expense.                                  
                                                                                
                                                                                
                                                                                
                                                                                
                            Chapter 7                                           
                                                                                
     Demands in the Event of Non-acceptance or Nonpayment of                    
                       a Bill of Exchange                                       
                                                                                
                                                                                
                                                                                
     Article 43. Bringing Action                                                
                                                                                
     The holder of a bill of exchange may bring an action against               
the endorsers,  the drawer, and other obligors on the instrument:               
     1) on the maturity date;                                                   
     2) in the event of nonpayment;                                             
     3) prior to the maturity date:                                             
     a) in  the event  of full  or partial  non-acceptance of the               
bill of exchange,                                                               
     b) when  the drawee's solvency is questionable regardless of               
his   acceptance or non-acceptance of the bill, or if he suspends               
his payments,   even  though it  is not  proved in court, or when               
enforced recovery  of a sum from his property proved ineffective,               
and                                                                             
     c) when  the solvency of the drawer of a non-acceptable bill               
of exchange  is questionable.                                                   
                                                                                
     Article 44. Protest                                                        
                                                                                
     Refusal to  accept  or  pay  a  bill  of  exchange  must  be               
confirmed by an  official deed (instrument of protest).                         
     In  the   case  of   non-acceptance,  the  protest  must  be               
registered within   the period established for a bill of exchange               
to be  presented for  acceptance. If, in the case provided for in               
Par.1 of  Article 24  of  this  Law,  a  bill  is  presented  for               
acceptance on  the last  day, the  protest may also be registered               
on the following day.                                                           
     In the event of nonpayment of a bill of exchange drawn to be               
paid   at a  stated date  or at a set period from the date of its               
drawing or   presentment,  the protest  must be registered within               
one or two working  days after the expiration of the period fixed               
for payment. In the  event of nonpayment of a "on demand" bill of               
exchange, the  protest   must be registered at the date stated in               
Par. 2 hereof.                                                                  
     Upon protesting  non-acceptance, presentment  of the bill of               
exchange   for payment  or protest  for nonpayment  shall not  be               
required.                                                                       
     When the  drawee suspends  payment, regardless of whether he               
accepted   or refused  the bill  of exchange,  or  when  enforced               
recovery of  a sum   from  his property  proves ineffective,  the               
owner may  exercise his  rights  only upon presenting the bill to               
the drawee for payment and upon registering  the protest.                       
     If a  drawee is declared insolvent, regardless of whether he               
accepted   the bill  of exchange  or not,  or if  the bill is not               
subject to  acceptance,   the owner  may exercise his rights upon               
solely presenting  the court  judgment concerning the declaration               
of the drawee insolvent.                                                        
                                                                                
     Article 45. Notification in the Case of Nonacceptance                      
               or Nonpayment of a Bill of Exchange                              
                                                                                
     The owner  of a  bill  of  exchange  must  notify  the  last               
endorser and   the  drawer of the non-acceptance or nonpayment of               
the bill  within  four working days after it is protested; if the               
words "return  without   charge" are  inscribed on  the  bill  of               
exchange the owner must notify the above mentioned persons within               
the same  period after the presentment  of the bill. Upon receipt               
of notice,  every endorser must, within two  working days, notify               
the  previous  endorser,  indicating  the  names  (surnames)  and               
addresses of the persons who have already been sent such notices.               
The   process shall  continue until  the drawer  of the  bill  of               
exchange is   notified. Said period shall be calculated as of the               
first day of the  receipt of the notice.                                        
     When the  drawer of a bill of exchange is notified according               
to the   procedure  specified in  Par.1 hereof, the guarantors of               
the bill must  be notified within the same period.                              
     In the  event that  any of  the endorsers  fail to  indicate               
their address  or if they write it illegibly, notification to the               
endorser  who  is  liable  to  the  endorser  in  question  shall               
constitute sufficient notice.                                                   
     Notice may  be given in any manner, even by simply returning               
the bill   of exchange. The person charged with notification must               
prove that   notifications have been made by the stated date. The               
time limit  shall not  be considered to have been violated if the               
document of notice is postmarked by the fixed date.                             
     Persons who  fail to send notice within the period indicated               
herein  shall not lose their rights. They shall be liable for the               
damage incurred  through their negligence, although the amount of               
compensation may  not exceed the amount of the bill of exchange.                
                                                                                
     Article 46. Optional Protest                                               
                                                                                
     The drawer,  the endorser,  or the  guarantor of  a bill  of               
exchange,   by writing  the  words  "return  without  charge",  "               
protest waived",  or  any other analogous words on the instrument               
and by  signing it,  may   discharge the  owner of  the  bill  of               
exchange  from  the  obligation  to  register  protest  for  non-               
acceptance or nonpayment.                                                       
     The above  inscription shall  not discharge  the owner  from               
either the   obligation  of timely  presentment of  the  bill  of               
exchange or  the obligation   to furnish information provided for               
by law.  Failure to  act within   the  fixed time  period must be               
proved by  the party  which wishes to  utilise said circumstances               
in relation to the owner of the bill of  exchange.                              
     In the event that the inscription is made by the drawer of a               
bill   of exchange,  said inscription  shall be  enforceable with               
regard to  all the signatories; if the inscription is made by the               
endorser or   the  guarantor, it  shall only be obligatory to the               
person who  made   it. If the owner, disregarding the inscription               
made by  the drawer   of  the bill,  registers protest,  he shall               
personally be  liable for  the expenses incurred thereby.  If the               
inscription is  made  by  the  endorser  or  the  guarantor,  the               
expenses related  to registering  protest   may be recovered from               
all the signatories on the bill of exchange.                                    
                                                                                
     Article 47. Liability on Bills of Exchange                                 
                                                                                
     All persons  who draw,  accept endorse  or avalise a bill of               
exchange  shall be jointly liable thereon to its owner.                         
     The owner  shall have  the right  to bring an action against               
all the   above mentioned  persons, either  against each  of them               
individually or  all of them jointly, without observing the order               
of liability.                                                                   
                                                                                
     Every person  who signs a bill of exchange shall be entitled               
to exercise the above right.                                                    
     An action  brought against  one of  the obligors  shall  not               
preclude recovery  from other persons, even if they undertook the               
obligation later  than the  person against  whom  the  action  is               
already brought.                                                                
                                                                                
     Article 48. Right of Action                                                
                                                                                
     When bringing an action, the owner of a bill of exchange may               
request payment of:                                                             
     1) the  amount of  a non-accepted or unpaid bill of exchange               
including interest if it was indicated;                                         
     2) interest  at the rate of six percent, calculated from the               
date of payment of the bill of exchange;                                        
     3) expenses  related to  the protest, the filing of notices,               
and other expenses; and                                                         
     4) late  charge at the rate of three percent calculated from               
the date of payment of the bill of exchange.                                    
     In the  event that  payment is requested prior to the stated               
date, a   discount shall  be deducted from the amount of the bill               
of exchange.                                                                    
     The amount  of the  discount shall be calculated taking into               
consideration the  period of  time remaining  until the  date  of               
payment and  the rate  of discount  which is valid on that day in               
the place of the owner of the bill of exchange.                                 
                                                                                
     Article 49. Recourse Actions                                               
                                                                                
     Upon paying a bill of exchange, a person may demand from the               
party secondarily liable thereon the recovery of:                               
     1) the total amount paid;                                                  
     2) six  percent interest  of the amount paid calculated from               
the date  of payment;                                                           
     3) all incurred expenses; and                                              
     4) a  late charge,  calculated in  the manner established in               
Par.4 of  Article 48 of this Law.                                               
                                                                                
     Article 50. The Rights of the Person Paying the Bill of                    
               Exchange                                                         
                                                                                
     Every obligor  against whom  an action  is or may be brought               
shall have  the right  to request  the surrender of the paid bill               
with protest and  signed receipt.                                               
     Upon paying a bill of exchange, every endorser may cross out               
his own  endorsements as well as those subsequently written.                    
                                                                                
     Article 51. Rights upon Payment of the Unaccepted Amount                   
               of a Bill of Exchange                                            
                                                                                
     In the  event that  a bill  of exchange  is  only  partially               
accepted, the   person who pays the unaccepted (remaining) amount               
may request  that  a notice of payment thereof be recorded on the               
instrument and  a corresponding   receipt be issued. In addition,               
the owner  must issue the person a  certified copy of the bill of               
exchange and the instrument of protest  so that the payer may, in               
his turn, bring an action against the persons  secondarily liable               
on the bill of exchange.                                                        
                                                                                
     Article 52. Redraft                                                        
                                                                                
     Unless it  has been  agreed otherwise,  every person who has               
the right  to bring an action may receive the amount by drawing a               
redraft on   one  of his  previous endorsers  whose bill shall be               
payable "on demand"  at the place of the person.                                
                                                                                
     In addition  to the amounts specified in Articles 48 and 49,               
the charge  payable to  the bill  broker for  mediation  and  the               
amount of  the stamp  duty on bills of exchange (the price of the               
draft form) must be stated  on the redraft.                                     
     If a  redraft is  drawn by  an endorser, its amount shall be               
established according  to the rate of exchange of the "on demand"               
bill of  exchange drawn  in the  place where  the drawer  of  the               
redraft has permanent place  of residence.                                      
                                                                                
     Article 53. Loss of Rights upon Violation of the Time Limit                
                                                                                
     The owner of a bill of exchange shall lose his rights to the               
drawer,   endorsers, and  other obligors  on the  bill  with  the               
exception  of  the  acceptor,  if  he  violates  the  time  limit               
concerning:                                                                     
     1) presentment  of a bill of exchange payable "on demand" or               
at a stated period after its presentment;                                       
     2)  registration  of  protest  for  non-acceptance  or  non-               
payment; or                                                                     
     3) presentment  for payment  if the  words  "return  without               
charge" are  on the bill of exchange.                                           
     Upon failure to present a bill of exchange for acceptance at               
the date   stated  by the drawer, the owner shall lose the rights               
incident to   both  nonpayment and  non-acceptance, unless  it is               
obvious from  the   notification on the bill of exchange that the               
drawer only wished to  evade responsibility for the acceptance of               
the instrument.                                                                 
     If the  time for  the presentment of the bill of exchange is               
stated   in the  endorsement, only  the  endorser  may  make  use               
thereof.                                                                        
                                                                                
     Article 54. Force Majeure                                                  
                                                                                
     If, by  reason of  force majeure  (the legal provisions of a               
state or   a  natural disaster),  a bill  of exchange  cannot  be               
timely presented   for  payment or  if protest  cannot be  timely               
registered, the time period  fixed therefor shall be extended.                  
     The holder  must, without  delay, notify the endorser of the               
force majeure,   indicate  on the  bill or  on a  part thereof (a               
paper affixed thereto)  that the endorser was notified, state the               
date, and  sign it.  Further   actions shall be in correspondence               
with the procedure set forth in Article 45.                                     
     When handicaps specified in Par.1 hereof are eliminated, the               
owner   must, without  delay, present  the bill  of exchange  for               
acceptance  or   payment,  and,  when  necessary,  must  register               
protest.                                                                        
     If said  handicaps continue  to exist  for more  than thirty               
days from   the date of payment, an action may be brought without               
presenting  the   bill  of   exchange  for  payment  and  without               
registering protest.                                                            
     In the  case of  bills of exchange payable "on demand" or at               
stated   date after  presentment, the  thirty-day period shall be               
calculated   from the day when the owner notifies the endorser of               
the force  majeure.   Such notice  may also be given prior to the               
expiration  of   the  term  fixed  for  the  presentment  of  the               
instrument.  In the case of bills of exchange payable at a stated               
date after  presentment, the  period  fixed  for  presentment  as               
stated on the bill shall be added to the  thirty-day period.                    
     Circumstances which  only handicap  the owner  or the person               
whom the   owner  charges to  present the  bill  of  exchange  or               
register protest  shall not be considered force majeure.                        
                                                                                
                                                                                
                                                                                
                            Chapter 8                                           
                                                                                
                             Agency                                             
                                                                                
                      1.General Provisions                                      
                                                                                
                                                                                
                                                                                
     Article 55. Obligations of the Third Party to the Bill                     
               of Exchange                                                      
                                                                                
     The drawer,  endorser, or  guarantor  may  name  the  person               
(agent) who,  as necessary,  would accept  or  pay  the  bill  of               
exchange.                                                                       
     Under the following terms, bills of exchange may be accepted               
or paid   by  the person who represents any of the debtors liable               
on the instrument  in reverse order.                                            
     The third person, or even the drawee or any other person who               
is obligated   on  the bill of exchange with the exception of the               
acceptor, may be  the agent.                                                    
     The agent  must, within  two working days, notify the person               
whom he   represents  that he  is acting  as an agent. Failure to               
give timely  notice  shall  make  the  agent  liable  for  damage               
incurred due  to his  negligence,  although  the  amount  of  the               
payable compensation  may not  exceed the   amount of the bill of               
exchange.                                                                       
                                                                                
                                                                                
                     2. Acceptance by Agent                                     
                                                                                
                                                                                
                                                                                
     Article 56. The Agent's Acceptance                                         
                                                                                
     The agent may accept a bill of exchange in all cases wherein               
the owner  of the bill of exchange which is subject to acceptance               
has the right  to bring a recourse action prior to the expiration               
of the payment  period of the bill of exchange.                                 
     If the  agent who,  as necessary, may accept or pay the bill               
at the   place of domicile is stated on the bill of exchange, the               
owner may,   prior to the expiration of the payment period of the               
instrument, exercise   the  right of  recourse against the person               
who named  the agent  and against   the subsequent signatories of               
the statement,  provided that  the owner  presented the  bill  of               
exchange to  the agent and the latter person's  refusal to accept               
the instrument is registered in the instrument of  protest.                     
     In other  cases, the  owner may refuse to accept the agent's               
acceptance. However,  if the owner recognises such acceptance, he               
shall lose  the  right of recourse to which he was entitled prior               
to the  expiration  of the payment period of the bill of exchange               
against the person on  whose behalf the agent made acceptance and               
to the subsequent endorsers.                                                    
                                                                                
     Article 57. Execution of Acceptance                                        
                                                                                
     The agent shall write his acceptance on the bill of exchange               
and shall   sign thereunder, naming the person on whose behalf he               
accepts. If   the person is not named, the bill of exchange shall               
be deemed accepted  on behalf of the drawer.                                    
                                                                                
     Article 58. Obligations of the Acceptor                                    
                                                                                
     The agent-acceptor  shall be  obligated to  the owner of the               
bill of  exchange for  whom he  acted as  an  agent  and  to  the               
endorsers who signed  after him on the same grounds as the person               
who authorised him.                                                             
     Regardless of the fact that the bill of exchange is accepted               
by an   agent,  the person in whose name the bill of exchange was               
accepted   as well  as the previous endorsers of the owner of the               
instrument may,  upon paying the amounts set forth in Article 48,               
request the  return   of the  bill of  exchange together with the               
instrument of protest and  a receipt for payment.                               
                                                                                
                                                                                
                       3. Mediated Payment                                      
                                                                                
                                                                                
                                                                                
     Article 59. Possibilities of Payment                                       
                                                                                
     Payment of  bills  of  exchange  may  be  done  through  the               
mediation of   an  agent in  all cases  wherein the owner has the               
right to  bring a  recourse   action after or before the maturity               
date.                                                                           
     In this  manner, all  of the  amount due  to be  paid by the               
person on   whose  behalf the  payment thereof  is made  shall be               
paid.                                                                           
     The latest  date of payment shall be the following day after               
the expiry  of the period fixed for the registration of protest.                
                                                                                
     Article 60. Presentment for Payment and Protest                            
                                                                                
     If a  bill of exchange is accepted by agents whose permanent               
place   of residence  and the  domicile coincide, or if it is the               
place of  residence   of other  persons  named  on  the  bill  of               
exchange as  persons obliged  to pay when necessary reside in the               
same place,  the owner  must present  the bill of exchange to all               
the said  persons and, when necessary,  register protest for non-               
payment  no   later  than   the  day   following  the  permit  of               
registration of protest.                                                        
     If protest is not registered within the above stated period,               
the person   who  named the  agent liable  to make  payment  when               
necessary, or the  person on whose behalf acceptance was made, as               
well as the subsequent endorsers shall be discharged of liability               
on the bill of exchange.                                                        
                                                                                
     Article 61. Refusal to Accept the Amount Paid                              
                                                                                
     Owners  who  refuse  to  accept  payment  made  through  the               
mediation of   an  agent shall lose the right of recourse against               
the persons who  would have been discharged of liability.                       
                                                                                
     Article 62. Confirmation of Payment                                        
                                                                                
     Payment made  by an  agent must  be stated  on the  bill  of               
exchange, naming   the person on whose behalf it was made. If the               
person is  not named,   payment shall be deemed made on behalf of               
the drawer.                                                                     
     The bill  of exchange,  as well as the instrument of protest               
if it  was  registered, must be surrendered to the agent who made               
the payment.                                                                    
                                                                                
     Article 63. The Rights of Agents                                           
                                                                                
     Agents who  make the  payment of  bills  of  exchange  shall               
acquire the  rights incident to the instrument against the person               
on whose behalf  the payment was made and against the persons who               
are liable  on the  bill of exchange to the said person. However,               
the agent may not  further endorse the bill of exchange.                        
     The endorsers  who signed  after the  person on whose behalf               
the payment  of the bill of exchange was made shall be discharged               
of liability.                                                                   
     If several  persons simultaneously offer to act as agents in               
making   the payment  of a  bill of  exchange, priority  shall be               
given to  the   person whose payment would discharge the greatest               
number of  people  of liability. Agents who knowingly violate the               
rule shall  lose the   right  of recourse against the persons who               
would be discharged of liability.                                               
                                                                                
                                                                                
                            Chapter 9                                           
                                                                                
           Copies and Duplicates of Bills of Exchange                           
                                                                                
                     1. The Number of Copies                                    
                                                                                
                                                                                
     Article 64. Identical Copies of Bills of Exchange                          
                                                                                
     Bills of  exchange may  be drawn  up  in  several  identical               
copies.                                                                         
     Each of  the copies must be numbered on the face of the bill               
of exchange;                                                                    
     if the  number is  missing, each  copy shall be considered a               
separate  bill of exchange.                                                     
     If it  is not  stated on  the bill  of exchange  that it  is               
issued as  a  single bill, the owner may request that the bill of               
exchange be  issued   in several  copies. The  owner must request               
this of  the endorser.  The   procedure shall be continued until,               
according to  the ranking  order  of liability, the drawer of the               
bill of  exchange is reached. The endorsers  must repeatedly sign               
their endorsements on the new copies of the bill  of exchange.                  
                                                                                
     Article 65. Payment of One Copy                                            
                                                                                
     Payment of  one copy  of a  bill of exchange shall discharge               
the payment   of others even when it is not established that upon               
the payment  of   one copy the other copies become void. However,               
the drawee  shall still   be  liable for  each of  the unreturned               
copies which he accepted.                                                       
     An endorser  who has  given copies  of a bill of exchange to               
various   persons, as  well as the subsequent endorsers, shall be               
liable for  all unreturned copies bearing their signatures.                     
                                                                                
     Article 66. Acceptance                                                     
                                                                                
     A person  who presents  a single  copy of a bill of exchange               
for acceptance   must  name the  person who  has that copy in the               
other copies.  The named  person must give the copy to the lawful               
holder of another copy.                                                         
     If the  person refuses to do this, the holder of the bill of               
exchange  may exercise the right of recourse only upon confirming               
by the instrument  of protest that:                                             
     1) the  copy of  the bill  of exchange  which was  sent  for               
acceptance  was not returned upon his request; and                              
     2) another copy could not be accepted or paid.                             
                                                                                
                          2. Duplicates                                         
                                                                                
                                                                                
                                                                                
     Article 67. The Right to Have a Duplicate of a Bill of                     
               Exchange                                                         
                                                                                
     Every owner  of a  bill of  exchange shall have the right to               
duplicate  it.                                                                  
     Duplicates must  be completely  identical to  the  original,               
with endorsements   and other writings contained thereon. It must               
be specified on the  duplicate where it ends.                                   
                                                                                
     A duplicate  may be endorsed and avalised in the same manner               
and with  the same ensuing consequences as the original.                        
                                                                                
     Article 68. Duties of Persons Holding Original Copies of                   
               Bills of Exchange                                                
                                                                                
     The person  holding the  original copy of a bill of exchange               
must be   named on the duplicate. Said person must give the above               
mentioned  document to the lawful holder of the duplicate.                      
     Holders of bills of exchange who refuse to do this may bring               
an action  against the  persons who endorsed or avalised the copy               
of the  bill   of exchange  upon confirming  by the instrument of               
protest that  the   first of  exchange was  not  given  upon  his               
request.                                                                        
                                                                                
                                                                                
                                                                                
                           Chapter 10                                           
                                                                                
                           Alterations                                          
                                                                                
                                                                                
                                                                                
     Article 69. Responsibility upon Altering the Contents of                   
               the Text of Bills of Exchange                                    
                                                                                
     Upon altering  the content of the text of bills of exchange,               
the subsequent  signatories shall be liable on the content of the               
altered text, while  persons who signed prior to the alteration -               
on the content of the  original text.                                           
                                                                                
                                                                                
                                                                                
                           Chapter 11                                           
                                                                                
                        Statute of Repose                                       
                                                                                
                                                                                
                                                                                
     Article 70. Action on a Bill                                               
                                                                                
     All actions  on bills of exchange may be brought against the               
acceptor  within three years from the maturity date.                            
     The owner  of a bill of exchange may bring an action against               
the endorsers   and  the drawee  within one of year of the day of               
protest registered  within the established period; if the bill of               
exchange contains  the   phrase "return  without charge" - within               
one year of maturity date.                                                      
     Endorsers may  bring actions  against each other and against               
the drawer   within six months of the day when the endorser makes               
payment of the  bill of exchange, or of the day when an action is               
brought against  him.                                                           
                                                                                
     Article 71. Termination of the Statute of Repose                           
                                                                                
     The statute  of repose  may never  be suspended, although it               
shall be   terminated  in the  cases provided  by law.  Only  the               
person against whom  the statute of repose is terminated shall be               
entitled to the right  of action.                                               
                                                                                
                                                                                
                           Chapter 12                                           
                                                                                
                       General Provisions                                       
                                                                                
                                                                                
                                                                                
     Article 72. Holidays and Days Off                                          
                                                                                
     Payment of bills of exchange whose date of maturity falls on               
a lawfully   established  day off  may only  be requested  on the               
first following   working day. All other actions concerning bills               
of exchange,  when   taken separately, presentment for acceptance               
and for  registering protest,   may  only be  executed on working               
days.                                                                           
     If any actions must be performed within a certain period the               
last   day whereof  is a  lawfully established  day off, the time               
limit therefor   shall  be extended  until the  next working day.               
Days off falling in  between shall be included within the period.               
                                                                                
     Article 73. Setting the Time Period                                        
                                                                                
     The first  days shall  not be  included in  the time periods               
provided  for in this Law or stated on the bills of exchange.                   
                                                                                
     Article 74. Grace Period                                                   
                                                                                
     Neither  law-established  not  court-ordered  grace  periods               
shall be allowed.                                                               
                                                                                
                                                                                
                             PART 2                                             
                                                                                
                        PROMISSORY NOTES                                        
                                                                                
                                                                                
     Article 75. Execution of Promissory Notes                                  
                                                                                
     Promissory notes must contain:                                             
     1) the  words "promissory  note" in the text of the document               
in the  language in which it is written;                                        
     2) an unconditional commission to pay the specified amount;                
     3) the date of payment;                                                    
     4) the place of payment;                                                   
     5) instructions to whom or on whose order the amount must be               
paid;                                                                           
     6) the place and date the promissory note is drawn; and                    
     7) the signature of the maker.                                             
     In the  event that  the maker  is for  some reason unable to               
sign the   promissory note personally, another person may sign it               
at the  maker's   request. In  such cases,  it must  be confirmed               
according to the notarial  procedure that the promissory note was               
signed at the maker's request.                                                  
                                                                                
     Article 76. Validity of Promissory Notes Which do not                      
               Indicate All Requisites in Writing                               
                                                                                
     A document  which is  lacking even  one  of  the  requisites               
listed in  Article   75, with  the  exception  of  those  further               
specified in  this Law, shall  not be enforceable as a promissory               
note.                                                                           
     A promissory  note which  does not specify the date on which               
it is payable  shall be deemed payable at sight.                                
     Unless a  promissory note  contains a  separate inscription,               
the   place of  its drawing  shall be  considered  the  place  of               
payment as well  as the maker's place of residence.                             
     A promissory  note which  does not  indicate  its  place  of               
drawing shall   be  considered to  have been  drawn in  the place               
which is indicated next  to the maker's name.                                   
                                                                                
     Article 77. Provisions Applied to Promissory Notes                         
                                                                                
     The following  provisions applied to bills of exchange shall               
also apply  to promissory notes as being in conformity with their               
nature:                                                                         
     1) provisions concerning endorsement (Articles 11-20);                     
     2) provisions  concerning the  payment period  (Articles 33-               
37);                                                                            
     3) provisions concerning payment (Articles 38-42);                         
     4) provisions concerning action in case of non-acceptance or               
non-payment  (Articles 43-50, 52-54);                                           
     5) provisions  concerning the procedure for mediated payment               
(Articles  55, 59-63);                                                          
     6) Provisions concerning copies (Articles 67 and 68);                      
     7) provisions concerning text alteration (Article 69);                     
     8) provisions  concerning statute of repose (Articles 70 and               
71); and                                                                        
     9) provisions concerning non-working days and the setting of               
time  periods (Articles 72, 73, and 74).                                        
     Furthermore, provisions concerning the aval (Articles 30-32)               
shall   also apply  to promissory notes. In the case provided for               
in the last  paragraph of Article 31, when the guarantor does not               
to specify the  party for whose liability the guarantee is given,               
the guarantee shall  be considered given for the liability of the               
maker of the promissory  note.                                                  
                                                                                
     Article 78. Liability of Makers of Promissory Notes                        
                                                                                
     The maker  of a promissory note shall be jointly liable with               
the acceptor  of the bill of exchange.                                          
     Promissory  notes  payable  within  a  stated  period  after               
presentment,   according to  the term provided for in Article 23,               
must be  presented   to the  maker for  endorsement.  The  period               
within  which  payment  must  be  made  after  presentment  shall               
commence on  the day  of  endorsement.  The  maker's  refusal  to               
endorse and  state the  required date  shall be  confirmed by the               
instrument of  protest (Article  25) from  the date  of which the               
time period  specified in  the second  sentence hereof  shall  be               
calculated.                                                                     
                                                                                
                                                                                
                                   APPENDIX No. 2                               
                                   to the Supreme Council                       
                                   of the Republic of Lithuania                 
                                   Resolution No. I-2688                        
                                   of 30 June 1992                              
                                                                                
                                                                                
                                                                                
                                                                                
                         LAW ON CHEQUES                                         
                                                                                
                                                                                
                                                                                
     This  Law   shall  regulate   the  procedure   for  issuing,               
enforcing,  endorsing,   guaranteeing,  and   paying  (honouring)               
cheques, as well as the procedure  for regulating  the claims and               
consequences arising therefrom.                                                 
          The concept of "person" as used in this Law shall apply               
to both legal and natural persons.                                              
                                                                                
                            Chapter 1                                           
                                                                                
                The Cheque, its Form and Drawing                                
                                                                                
                                                                                
                                                                                
     Article 1. The Conception of a Cheque and its Contents                     
                                                                                
     A cheque  is a  security -  an order  drawn according  to  a               
certain legal  form  drawn  on  the  instruction  of  a  bank  to               
unconditionally pay a sum of money.                                             
     In accordance with the legal form, a cheque must include:                  
      1)  the word  "cheque" in  the text of the document, in the               
language  in which the document is written;                                     
     2) an unconditional commission to pay the specified sum;                   
     3) the name of the drawee;                                                 
     4) the place of payment;                                                   
     5) the place and date that the cheque is drawn; and                        
     6) the signature of the drawer of the cheque.                              
                                                                                
     Article 2. Place of Drawing and Payment of a Cheque                        
                                                                                
     A document  which is  lacking even  one  of  the  requisites               
listed under   Article  1, with  the exception  of those  further               
specified in this Law,  shall not have the power of a cheque.                   
     Unless it  is separately specified, the place indicated next               
to the   name  of the  drawee shall  be considered  the place  of               
payment. If several  places are specified next to the name of the               
drawee, the  cheque shall   be payable at the first of the stated               
places.                                                                         
     If these  or any  other directives  are not  indicated,  the               
cheque shall    be  payable  at  the  place  where  the  drawee's               
principal office is located.                                                    
     A cheque  which does not indicate its place of drawing shall               
be considered   to  have  been  signed  in  the  place  which  is               
indicated next to the drawer's  name.                                           
                                                                                
     Article 3. Cheques Drawn only to Banks                                     
                                                                                
     A cheque  may be drawn only to a bank wherein the drawer has               
a deposit   of  funds which  he or she is entitled to manage by a               
cheque according  to the general procedure.                                     
     A document  not drawn  to a  bank shall  not be considered a               
cheque even  though it contains the name of a cheque.                           
                                                                                
     Article 4. Acceptance of a Cheque                                          
                                                                                
     A cheque  may  not  be  accepted.  Inscriptions  on  cheques               
concerning acceptance  shall be invalid.                                        
                                                                                
     Article 5. Payee of the Amount of a Cheque                                 
                                                                                
     A cheque may be drawn for payment to:                                      
     1) a  certain person  with or without the phrase "pay to the               
order of";                                                                      
     2) a  certain person  with the phrase " not to the order of"               
or an analogous  phrase; and                                                    
      3) the holder.                                                            
      A  cheque drawn  in favour  of a  certain person  with  the               
inscription   "or bearer"  or another analogous inscription shall               
be enforceable  as a bearer cheque.                                             
     A cheque  wherein the payee is not named shall be considered               
a bearer  cheque.                                                               
                                                                                
     Article 6. To whom a Cheque may be Drawn                                   
                                                                                
     A cheque may be drawn by the order of the drawer himself. It               
may not  be drawn on the account of a third party.                              
      A  cheque may  not be drawn to the drawer himself, with the               
exception  of cases when the cheque is drawn from one institution               
of the  drawer   on the  other. A  cheque of this type may not be               
drawn in favour of  the holder.                                                 
                                                                                
     Article 7. Interest on the Amount of a Cheque                              
                                                                                
     Any inscription  on  a  cheque  concerning  the  payment  of               
interest shall  be invalid.                                                     
                                                                                
     Article 8. The Place of Payment of a Cheque                                
                                                                                
     A cheque  may be  presented for  payment to a third party at               
the drawee's   place of residence or at any other place, but only               
if the third party  is a bank.                                                  
                                                                                
     Article 9. The Amount of a Cheque Written in Words and                     
     Figures                                                                    
                                                                                
     If the  amount  of  a  cheque  written  in  words  does  not               
correspond to   the amount written in figures, the amount written               
in words shall be  valid.                                                       
     If the  amount is written on a cheque several times in words               
or in   figures  but the  amounts are  inconsistent, the smallest               
amount shall  be valid.                                                         
                                                                                
     Article 10. Signatures on a Cheque                                         
                                                                                
     If a  cheque contains  signatures of  persons  who  may  not               
assume liability   on  a cheque, forged signatures, signatures of               
fictitious persons,    or  signatures  of  persons  who  are  not               
connected with the persons who  signed the cheque or with persons               
in whose  name it  was signed, the  obligations and rights of the               
other signatories shall not be influenced  thereby.                             
                                                                                
     Article 11. Authorised Persons of the Drawer of a Cheque                   
                                                                                
     A person  who signs  a cheque  as  a  person  authorised  by               
another person  but who was not authorised therefor, shall become               
personally liable  on the cheque and, upon payment thereof, shall               
acquire the  same rights   as  the person  he  or  she  allegedly               
represented would  have. The  same  procedure shall be applied to               
representatives who exceeds their powers.                                       
                                                                                
     Article 12. Responsibility for Payment of the Amount of                    
               a Cheque                                                         
                                                                                
     The drawer shall be responsible for payment of the amount of               
a  cheque.     Any   inscription  whereby   the  drawer  declines               
responsibility shall be  considered invalid.                                    
                                                                                
     Article 13. Incomplete Cheques                                             
                                                                                
     If a  cheque is  incomplete upon  its issuance  and is later               
supplemented    in  violation  of  the  adopted  agreements,  the               
holder's rights  may not   be  denied by reason of non-compliance               
with said  agreements, unless   the  holder acquired  the  cheque               
illegally, or,  while acquiring it,  did not know, but could have               
known, that  the former  owner of  the cheque   had  no right  to               
transfer it to another person.                                                  
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                            Chapter 2                                           
                                                                                
               Endorsement (Transfer) of a Cheque                               
                                                                                
                                                                                
                                                                                
     Article 14. Endorsement                                                    
                                                                                
     A cheque drawn in favour of a certain person with or without               
the  directive   "to  the   order  of"  written  thereon  may  be               
transferred by endorsement.                                                     
     A cheque  drawn for  payment to  a certain  person with  the               
phrase "not   to  the order"  or any  analogous  phrase,  may  be               
endorsed only  in compliance   with  the rules  of  execution  of               
conventional endorsement.                                                       
      A cheque may even be endorsed for the benefit of the drawer               
or any   other  obligor. Said  persons may  further endorse  such               
cheques.                                                                        
                                                                                
     Article 15. Effect of Endorsement                                          
                                                                                
     When endorsing  a cheque,  no conditions  may  be  inscribed               
therein. Any   conditions  which may affect the endorsement shall               
be invalid.                                                                     
     Restrictive  endorsement  shall  be  invalid.  The  drawee's               
endorsement  shall also be invalid.                                             
     An endorsement  written on  behalf of  the holder  shall  be               
equivalent  to blank endorsement.                                               
     An endorsement written on behalf of the drawee shall only be               
valid   as a receipt, with the exception of cases when the drawee               
has several   institutions  and when the cheque is endorsed to an               
institution other  than the one on which the cheque was drawn.                  
                                                                                
     Article 16. Execution of Endorsement                                       
                                                                                
     An endorsement  must be  written on  the cheque or on a part               
thereof   (a paper  affixed thereto). The endorser's name must be               
signed thereon.                                                                 
     The drawee  does not have to be named on the endorsement, or               
the endorsement   may  just have  the endorser's signature (blank               
endorsement). In  the   latter  case,  the  endorsement  must  be               
written on the back of the cheque  or on the front sheet in order               
to be effective.                                                                
                                                                                
     Article 17. Endorsement Rights                                             
                                                                                
     By endorsement, all rights of the cheque are transferred [to               
the transferee].                                                                
     In the event of blank endorsement, the holder may:                         
     1) fill in his or another person's name;                                   
     2) further  endorse  the  cheque  by  blank  endorsement  or               
transfer it  to a specific person; and                                          
     3) transfer  the cheque to a third person without filling in               
the blank  endorsement and without endorsing the cheque.                        
                                                                                
     Article 18. Liability of the Endorser                                      
                                                                                
     The endorser  shall be  liable for the payment of the cheque               
unless   it is  written otherwise. In such an event, the endorser               
shall be  liable   to the  persons to  whom the cheque is further               
endorsed.                                                                       
                                                                                
     Article 19. The Owner of an Endorsed Cheque                                
                                                                                
     The holder  of a cheque which is being endorsed shall be its               
rightful   owner if said person proves his right to the cheque by               
a continuous    order  of  endorsements,  even  though  the  last               
endorsement is  blank.   In   this case,  endorsement  signatures               
which are  crossed out  shall be  considered   never to have been               
written.  If   an  endorsement   of  another  type  follows    an               
endorsement in  blank, the  person who  signed the  other type of               
                                                                                
endorsement  shall be deemed to have acquired the cheque by blank               
endorsement.                                                                    
                                                                                
     Article 20. Endorser's Liability by Order of Recourse                      
                                                                                
     The endorser  of a  cheque drawn  "to bearer"  shall  become               
liable by   order  of recourse,  although the  document shall not               
become an order  cheque.                                                        
                                                                                
     Article 21. Loss of a Cheque                                               
                                                                                
     If a  person for  any reason  loses a  cheque, regardless of               
whether it   is  a bearer  cheque or  an endorsed cheque, its new               
owner, upon  proving   his right  in the  manner  established  in               
Article 19,  must return  the   cheque only  if he acquired it by               
fraud or  if he  did not  know, but   could  have known, that the               
former owner  of the  cheque had  no right   to  transfer  it  to               
another person.                                                                 
                                                                                
     Article 22. Claims against a Cheque                                        
                                                                                
     Persons against  whom action on a cheque are brought may not               
make any   claims against the owner of the cheque on the basis of               
personal relations   between said persons and the drawer or prior               
owners of  the cheque,   unless  the owner of the cheque acted in               
bad faith to the detriment  of the debtor when acquiring it.                    
                                                                                
     Article 23. Restrictions of Endorsement                                    
                                                                                
     If an  endorsement includes  the phrases  "for  recovery  of               
money", "for    collection",  "by  commission",  or  other  words               
describing a  payment   order, the owner shall be entitled to all               
the rights  incident to the  cheque, although he may only endorse               
it as a representative.                                                         
     In such  cases, the parties obligated on the cheque may only               
make claims   against the owner which they would have against the               
endorser.                                                                       
     Endorsement by  a representative  shall also  be enforceable               
after the  principal dies or becomes incompetent.                               
                                                                                
     Article 24. Date of Endorsement                                            
                                                                                
     Endorsement made  after protest or after similar actions, or               
upon maturity,  shall be considered negotiation of a cheque.                    
     If the  date of  endorsement is  not  stated,  it  shall  be               
considered to   have  been made  prior to  protest or  any  other               
similar action,  or prior   to  the date  stated in Par.1 hereof,               
unless it is proved to the contrary.                                            
                                                                                
                                                                                
                                                                                
                            Chapter 3                                           
                                                                                
                   Guarantee of Cheques (Aval)                                  
                                                                                
                                                                                
                                                                                
     Article 25. Avalising the Amount of the Cheque or a Part                   
               thereof                                                          
                                                                                
     Payment of  a cheque  may be  guaranteed  by  avalising  the               
cheque or a  part of its amount.                                                
     The aval  shall be  executed either  by a  signature of  the               
third person   or even the person who signed the cheque, with the               
exception of the  drawee.                                                       
                                                                                
     Article 26. Execution of Aval                                              
                                                                                
     The aval  is written  on a  cheque or  on the  paper affixed               
thereto.  It shall be given by writing the word "avalised" or any               
analogous  words,   and  by   the  signature   of  the  guarantor               
(avaliser). The person who signs on the front of the cheque shall               
be considered  the guarantor,  provided that he is not the drawer               
of the cheque.                                                                  
     When avalising,  it is  necessary to  specify the  party for               
whose liability   the  guarantee is  given. Omission of the above               
statement shall  signify   that the  guarantee is  given for  the               
liability of the drawer.                                                        
                                                                                
     Article 27. Liability and Rights of the Guarantor                          
                                                                                
     The  guarantor   and  the   party  for  whose  liability  he               
guarantees shall   be  jointly liable.  The obligation  shall  be               
binding also in the case  when it appears ineffective for reasons               
other than faulty execution.                                                    
     Upon paying  the cheque,  the guarantor  shall  acquire  the               
rights to   the  party for  whose liability he guaranteed, and to               
parties who  are   liable on  the cheque  to the  above party  in               
accordance with the Law  on Cheques.                                            
                                                                                
                                                                                
                                                                                
                            Chapter 4                                           
                                                                                
               Presentment and Payment of Cheques                               
                                                                                
                                                                                
          Article 28. Period of Payment                                         
                                                                                
     A cheque shall be payable on presentment. Any inscription to               
the contrary  shall be invalid.                                                 
     A cheque  presented for  payment prior  to the day stated as               
the day  of drawing shall be payable on the day of presentment.                 
                                                                                
     Article 29. Domicile                                                       
                                                                                
     A cheque  drawn and payable in one and the same country must               
be presented  for payment within eight days.                                    
      A  cheque payable  in the country other than the country of               
drawing   must be  presented within  twenty days  if the place of               
drawing and  payment   of the  cheque is  in the same part of the               
world, and  within seventy   days  if the  places of  drawing and               
payment are  in different  parts of  the world. But cheques drawn               
in any  European state and payable in  any Mediterranean state or               
vice versa  shall be considered drawn and  payable in one and the               
same part of the world.                                                         
     The day  of drawing  of the  cheque shall be included within               
the above  specified period.                                                    
                                                                                
     Article 30. Payment of Cheques in the Cases when Different                 
               Calendars are Used                                               
                                                                                
     When a  cheque is  drawn in one place and payable in another               
place where   a  calendar other than the one used in the place of               
drawing  is  operative,  the  date  of  drawing  shall  be  fixed               
according to the calendar used  in the place of payment.                        
                                                                                
     Article 31. Clearing House                                                 
                                                                                
     The presentment  of a cheque to the clearing house or to any               
other   analogous institution shall be equated to presentment for               
payment.                                                                        
     The Government  must establish  which institutions  shall be               
considered  clearing houses and under what conditions cheques may               
be presented  to them.                                                          
                                                                                
     Article 32. Countermanding a Cheque                                        
                                                                                
     The countermand of a cheque shall become effective only upon               
its presentment  date.                                                          
     In the  event that a cheque is not countermanded, the drawee               
may also  pay it after its presentment date.                                    
                                                                                
     Article 34. Execution of Payment                                           
                                                                                
     Upon paying  a cheque,  the drawee bank may request that the               
delivered  cheque contain the holder's receipt.                                 
     The holder  may not  refuse to accept partial payment of the               
cheque.                                                                         
     Upon paying  a part  of the amount of the cheque, the drawee               
bank may   request  that the  paid amount be stated on the cheque               
and that he be  issued a corresponding receipt.                                 
                                                                                
     Article 35. Payment of an Endorsed Cheque                                  
                                                                                
     The drawee  who pays  an  endorsed  cheque  must  check  the               
consecutive  order of endorsements but not the genuineness of the               
signatures of  endorsers.                                                       
                                                                                
     Article 36. Payment of a Cheque when the Amount is Stated                  
               in a Foreign Currency                                            
                                                                                
     If  the   currency  specified   on  the  cheque  is  not  in               
circulation in  the   place of payment, the amount may be paid in               
the currency  of the  state  where the payment is made and at the               
exchange rate  established on   the day the payment is made. If a               
cheque was  not paid upon its presentment,  the holder may at his               
discretion request  that the amount of the cheque  be paid in the               
currency of  the state  at the  exchange rate established  on the               
day of presentment or payment.                                                  
     When establishing  the exchange  rate of  foreign  currency,               
traditions of  the country of payment shall be observed. However,               
the drawer of the cheque may establish that the payable amount be               
calculated in  accordance with the exchange rate specified on the               
cheque.                                                                         
     The above  rules  shall  not  be  applied  when  the  drawer               
establishes that   the  payment must  be  made  in  the  currency               
specified on  the cheque  (note   concerning effective payment in               
foreign currency).                                                              
     If the  amount is stated on the cheque in the currency whose               
unit has  an identical name but different value in the country of               
the drawer   and  the drawee,  it shall  be considered  that  the               
currency of the country  of payment is stated.                                  
                                                                                
                                                                                
                                                                                
                            Chapter 5                                           
                                                                                
                 Crossed and 'A/C payee' Cheques                                
                                                                                
                                                                                
                                                                                
     Article 37. Characteristics of a Cheque                                    
                                                                                
     With the  aim of  restricting the  possibilities of  using a               
cheque, its   drawer  or bearer  may cross  it with  two parallel               
lines across the face  of the cheque.                                           
                                                                                
     In the  event that there is no inscription between the lines               
or if   there  is only the word "bank" without its concrete name,               
or  some   other  analogous  inscription,  the  cheque  shall  be               
considered a generally crossed cheque. If the name of the banking               
institution is  inscribed  between the parallel lines, the cheque               
shall be considered a specially  crossed cheque.                                
     A  generally  crossed  cheque  may  be  transformed  into  a               
specially crossed   cheque. A specially crossed cheque may not be               
in any way transformed  into a generally crossed cheque.                        
     The crossing out of the parallel lines or of the name of the               
banking  institution shall be considered invalid.                               
                                                                                
     Article 38. Payment of a Crossed Cheque                                    
                                                                                
     The drawee  may pay the amount of a generally crossed cheque               
only to  the bank or to the customer of the drawee.                             
     The drawee  may pay the amount of a specially crossed cheque               
only to   the bank specified on the cheque, or, in the event that               
the specified   bank  is itself the drawee, only to its customer.               
However, such bank  may collect the cheque in another bank.                     
     The bank  may accept a crossed cheque only from its customer               
or from   another  bank. It may collect the cheque only on behalf               
of the said  persons.                                                           
     The drawee  may pay the amount of a specially crossed cheque               
wherein   the names  of no more than two banks are filled in only               
provided that  one of the specified banks directs that the cheque               
be collected through  the clearing house system.                                
     The drawee  or the  bank who  acts in violation of the above               
specified   provisions shall  be liable  for the  losses  by  the               
amount not exceeding  the amount of the cheque.                                 
                                                                                
     Article 39. 'A/C payee' Cheques                                            
                                                                                
     The drawer of the cheque as well as its holder may interdict               
the payment   of  the amount  of the  cheque in  cash by  writing               
across the  face of  the cheque the restrictive order 'A/C payee'               
or any other analogous  phrase.                                                 
     The amount  of such cheque shall be written off the drawer's               
account   and deposited  into the account of the presenter of the               
cheque. Such   settlement  shall be equated to the payment of the               
cheque.                                                                         
     The crossing  out of  the words  'A/C payee'  shall have  no               
effect on  the validity of the cheque.                                          
     The drawee  who disregards  the above  provisions  shall  be               
liable for   the losses by the amount not exceeding the amount of               
the cheque.                                                                     
                                                                                
                                                                                
                                                                                
                                                                                
                            Chapter 6                                           
                                                                                
          Claims Concerning the Non-payment of a Cheque                         
                                                                                
                                                                                
     Article 40. Grounds for Filing Claims Concerning the Non-                  
               payment  of a Cheque                                             
                                                                                
     The holder  may file  a claim  against  the  endorsers,  the               
drawer, and   to  other persons  obligated on  the cheque  if the               
timely presented  cheque   was not paid and if the refusal to pay               
is certified by:                                                                
     1) an official act (protest), or                                           
     2) the  drawee's statement dated and inscribed on the cheque               
whereon  the date of presentment is stated, or                                  
                                                                                
     3) a  dated statement  of the  clearing house containing the               
notice to   the  effect that  the cheque was presented at the due               
date but was not  paid.                                                         
                                                                                
     Article 41. Protest of a Cheque                                            
                                                                                
     Protest or an analogous instrument must be registered within               
the period  established for a cheque to be presented.                           
     If a  cheque is presented on the last day of the established               
period, the  protest or an analogous instrument may be registered               
on the following  working day after the expiration of the period.               
                                                                                
     Article 42. Notification in the Case of Nonpayment of a                    
               Cheque                                                           
                                                                                
     The holder  of a cheque must notify his/her endorser and the               
drawer of  the nonpayment  of the cheque within four working days               
after it  is protested  or after  any  other  analogous  deed  is               
registered or, if the words "return without charge" are inscribed               
on the cheque, within the same period from the day of presentment               
of the  cheque. Upon  receipt of  notice,  every  endorser  must,               
within two working days, notify the previous endorser, indicating               
the names  (surnames) and  addresses  of  the  persons  who  have               
already sent  such notices. The process shall  continue until the               
drawer of the cheque is notified. Said period shall be calculated               
as of the first day of the receipt of the notice.                               
     When the  drawer of a bill of exchange is notified according               
to the   procedure  specified above,  the guarantor of the cheque               
must be notified  within the same period.                                       
     In the  event that  any of  the endorsers  fail to  indicate               
their address  or if they write it illegibly, notification to the               
endorser  who  is  liable  to  the  endorser  in  question  shall               
constitute sufficient notice.                                                   
     Notice may  be given in any manner, even by simply returning               
the cheque.  The person charged with notification must prove that               
notifications   have been made by the stated date. The time limit               
shall not be considered  to have been violated if the document of               
notice is postmarked by the  fixed date.                                        
     Persons who  fail to send notice within the period indicated               
herein  shall not lose their rights. They shall be liable for the               
damage incurred  through their negligence, although the amount of               
compensation may not exceed the amount of the cheque.                           
                                                                                
     Article 43. Optional Protest                                               
                                                                                
     The drawer,  the endorser,  or the guarantor of a cheque, by               
writing  the words "return without charge", " protest waived", or               
any other  analogous words  on the  instrument and by signing it,               
may discharge  the  owner  of  the  bill  of  exchange  from  the               
obligation to  register  protest  or  from  any  other  analogous               
certification of his rights to raise demands.                                   
     The above  inscription shall  not discharge  the holder from               
either the  obligation of timely presentment of the cheque or the               
obligation to furnish information provided for by law. Failure to               
act within  the fixed  time period  must be  proved by  the party               
which wishes  to utilise   said  circumstances in relation to the               
holder of the cheque.                                                           
     In the event that the inscription is made by the drawer of a               
cheque, said  inscription shall be enforceable with regard to all               
the signatories;   if  the inscription is made by the endorser or               
the guarantor,  it shall   only  be obligatory  to the person who               
made it. If the holder, disregarding  the inscription made by the               
drawer of  the cheque,  registers protest  or any other analogous               
deed, he  shall personally  be liable  for the  expenses incurred               
thereby.   If the  inscription is  made by  the endorser  or  the               
                                                                                
guarantor, the  expenses related  to registering  protest or  any               
other analogous deed may be recovered from all the signatories.e.               
                                                                                
     Article 44. Liability on for the Payment of a Cheque                       
                                                                                
     All persons  obligated on  a cheque  shall be jointly liable               
thereon   to its holder. The holder shall have the right to bring               
an action   either  against all  the above  mentioned persons, or               
against one  of   them individually  or several  of them jointly,               
without observing the  order of liability.                                      
     Every signatory  who pays  the cheque  shall be  entitled to               
exercise  the above right.                                                      
     An action  brought against  one of  the obligors  shall  not               
preclude recovery  from other persons, even if they undertook the               
obligation later  than   the person  against whom  the action  is               
already brought.                                                                
                                                                                
     Article 45. Action on a Cheque                                             
                                                                                
     When bringing  an action, the holder of a cheque may request               
the payment  of:                                                                
     1) the unpaid amount of a cheque;                                          
     2) interest  at the rate of six percent, calculated from the               
date of  presentment of the cheque;                                             
     3)  expenses   related   to   the   protest   or   analogous               
certification, the  filing of notices and other expenses; and                   
     4) commission  at the rate of 1/3 percent from the amount of               
the cheque.                                                                     
                                                                                
     Article 46. Recourse Actions                                               
                                                                                
     Upon paying  on a cheque, a person may demand from the party               
secondarily  liable thereon the recovery of:                                    
     1) the total amount paid;                                                  
     2) six  percent interest  of the amount paid calculated from               
the date  of payment;                                                           
     3) all incurred expenses; and                                              
     4) commission, calculated in the manner established in Par.4               
of Article  45 of this Law.                                                     
                                                                                
     Article 47. The Rights of the Person Paying on the Cheque                  
                                                                                
     Every obligor  against whom  an action  is or may be brought               
shall have   the right to request, upon paying on the cheque, the               
surrender of  the paid cheque with protest or any other analogous               
certification  and a signed receipt.                                            
     Upon paying  on a  cheque, every  endorser may cross out his               
own endorsements  as well as those subsequently written.                        
                                                                                
     Article 48. Force Majeure                                                  
                                                                                
     If, by  reason of  force majeure  (the legal provisions of a               
state or a natural disaster), a cheque cannot be timely presented               
for payment  or if  protest or  any other analogous certification               
cannot be  timely   registered, the  time period  fixed  therefor               
shall be extended.                                                              
     The holder  must, without  delay, notify the endorser of the               
force majeure  specified in  Par.1 hereof  and  indicate  on  the               
cheque or  on a  part thereof  (a paper affixed thereto) that the               
endorser was  notified,   state the  date, and  sign it.  Further               
actions shall  be in correspondence  with the procedure set forth               
in Article 42.                                                                  
     When handicaps specified in Par.1 hereof are eliminated, the               
holder  must, without delay, present the cheque for payment, and,               
when necessary,   must  register protest  or any  other analogous               
certification.                                                                  
     If said  handicaps continue  to exist  for more than fifteen               
days from   the  date when the holder notified his endorser prior               
to the  date of   presentment  of the  cheque, an  action may  be               
brought  without  registering  protest  or  any  other  analogous               
certification.                                                                  
     Circumstances which  only handicap  the holder or the person               
whom the   holder  charges to  present  the  cheque  or  register               
protest  or  any  other  analogous  certification  shall  not  be               
considered force majeure.                                                       
                                                                                
                                                                                
                            Chapter 7                                           
                                                                                
                        Copies of Cheques                                       
                                                                                
                                                                                
                                                                                
     Article 49. Number of Copies of a Cheque                                   
                                                                                
     Every cheque, with the exception of bearer cheques, drawn in               
one country  and payable in another country, or drawn and payable               
in one  and the  same country  may be  drawn in several identical               
copies. In  the event  that a  cheque is drawn in several copies,               
each of the copies be numbered  on the face of the cheque. If the               
number is  missing, each  copy shall   be  considered a  separate               
cheque.                                                                         
                                                                                
     Article 50. Payment of one Copy of the Cheque                              
                                                                                
     Payment of  one copy of the cheque shall exempt from payment               
of other   copies  even in  the  cases  where  it  has  not  been               
established that  after   the payment  of one  copy of the cheque               
other copies thereof become  canceled.                                          
                                                                                
                                                                                
                            Chapter 8                                           
                                                                                
              Alterations on the Face of the Cheque                             
                                                                                
                                                                                
       Article 51. Signatures upon Altering the Text of the                     
                    Cheque                                                      
                                                                                
     Persons who  sign upon altering the text of the cheque shall               
be liable   on  the contents  of the  altered text.  Persons  who               
signed prior  to the   alteration shall be liable on the original               
contents of the text.                                                           
                                                                                
                                                                                
                            Chapter 9                                           
                                                                                
                        Statute of Repose                                       
                                                                                
                                                                                
                                                                                
     Article 52. Time Period for Bringing Actions                               
                                                                                
     The period of time within which for the holder of the cheque               
may bring   an action against the endorsers, the drawer and other               
obligors on   the  cheque shall  expire after six months from the               
date of the presentment  of the cheque.                                         
     The period  of time during which the persons who assumed the               
liability  on the payment of the cheque may bring actions against               
one another   shall  expire within  six months  from the  day  of               
payment of the cheque  by the person who is obligor on the cheque               
or from the day an action  is brought against said person.                      
                                                                                
     Article 53. Termination of the Statute of Repose                           
                                                                                
     The statute  of repose  shall be  terminated  in  the  cases               
provided by  law, although it may never be suspended.                           
     Only the  person against  whom  the  statute  of  repose  is               
terminated shall  be entitled to the right of action.                           
                                                                                
                                                                                
                                                                                
                           Chapter 10                                           
                                                                                
                       General Regulations                                      
                                                                                
                                                                                
     Article 54. Banks                                                          
                                                                                
     In accordance  with this Law, all credit institutions which,               
pursuant to  their respective  bylaws, accept money into accounts               
and make payments on behalf of a third person shall be considered               
as banks.                                                                       
                                                                                
     Article. Days for Presenting or Protesting Cheques                         
                                                                                
     A cheque  may be  presented or  protested only  on a working               
day.                                                                            
     If the  last day of the time limit for registering the deeds               
established   by law,  especially for  presenting or protesting a               
cheque or  registering   an analogous  certification falls  on  a               
lawfully established  day off,  the time  limit therefor shall be               
extended until the next working day after the expiry of the fixed               
period. Days  off falling in between shall not be included within               
the period.                                                                     
                                                                                
     Article 56. Setting the Time Period                                        
                                                                                
     The first  day of validity of a cheque shall not be included               
in the  time periods provided for in this Law.                                  
                                                                                
     Article 74. Grace Period                                                   
                                                                                
     Neither  law-established  not  court-ordered  grace  periods               
shall be allowed.