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Promissory notes, bills of exchange, and cheques are essential instruments in commercial and cooperative banking transactions, governed under the Negotiable Instruments Act, 1881, and their understanding is crucial in the context of cooperative societies. Though all three are negotiable instruments, they differ in terms of parties involved, purpose, and legal implications. A promissory note is a written promise made by one party, called the maker, to pay a specified sum of money to another party, called the payee, either on demand or at a fixed future date. It is unilateral in nature because it involves only two parties: the maker and the payee. The essential features of a promissory note include an unconditional promise to pay, the specific amount, the name of the payee, the date, and the signature of the maker. In cooperatives, promissory _____ ________ _________ ____ ___ _________.
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