A loan with no stipulated repayment date is immediately due unless express words or necessary implication establish a contrary intention; the test for implying a term deferring repayment is business efficacy, not reasonableness. A company's annual return signed by a director does not constitute an acknowledgment under s 24(3) of the Limitation of Actions Act 1958 (Vic) of debts owed by the directors to the company, because the return is made by the company for the use of others, not to the company for its use. Loans may be validly created by book entries without cash changing hands.
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