Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The drawer of a cheque may, by an express stipulation written on the cheque, waive, as regards the drawer, the right to presentment of the cheque.
(2) An indorser of a cheque may, by an express stipulation written on the cheque:
(a) negative or limit the indorser's liability on the cheque; or
(b) waive, as regards the indorser, the right to presentment of the cheque.
(3) A stipulation written on a cheque, being a stipulation of the kind referred to in subsection ( 1), shall not be taken to affect the rights, duties and liabilities of the drawer and the drawee institution in relation to one another.