Contracts Act (Cap. 53): Primary legislation governing contract formation, consideration requirements, and capacity to contract. Essential for ensuring the promissory note meets basic contract law requirements.
Moneylenders Act (Cap. 188): Regulates money lending activities, including interest rate restrictions and licensing requirements. Relevant if the promissory note involves money lending activities.
Civil Law Act (Cap. 43): Contains provisions regarding interest rates and enforcement of contracts. Crucial for determining legal interest rates and enforcement mechanisms.
Limitation Act (Cap. 163): Sets time limits for enforcement and statute of limitations for debt claims. Important for determining the enforcement period of the promissory note.
Bills of Exchange Act (Cap. 23): Primary legislation governing promissory notes, including requirements for validity and rights/obligations of parties.
Personal Data Protection Act 2012: Governs the handling of personal data and consent requirements in documentation. Relevant for data protection compliance.
Consumer Protection (Fair Trading) Act: Provides protection against unfair practices, particularly relevant if the note is consumer-related.
Property Law: Relevant if the promissory note is secured by property. Includes rules regarding security interests and property rights.
Stamp Duties Act: Governs the stamping requirements for legal documents, including promissory notes, and associated duties payable.
Tax Legislation: Relevant for understanding tax implications of debt forgiveness and the treatment of the forgivable portion of the note.
