BILLS OF EXCHANGE.
No. 3 of 1885.
295
General duties of the holder.
39.-(1) Where a bill is payable after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument.
(2) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the place of business or residence of the drawee, it must be presented for acceptance before it can be presented for payment.
(3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.
(4) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.
40.-(1) Subject to the provisions of this Ordinance, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
(2) If he does not do so, the drawer and all indorsers prior to that holder are discharged.
(3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
41. (1) A bill is duly presented for acceptance which is presented in accordance with the following rules :-
(a) the presentment must be made by or on behalf of the holder to the drawee, or to some person authorised to accept or refuse acceptance on his behalf, at a reasonable hour on a business day and before the bill is overdue;
(b) where a bill is addressed to two or more drawees, who are not partners, presentment must be made to them all, unless one has authority to accept for all, then presentment may be made to him only;
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