194
No. 3 of 1885.
BILLS OF EXCHANGE.
Referee in case of need.
Optional stipulations by drawer or indorser.
Definition and
(2) where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment;
(3) where a bill is payable at a fixed period after sight, the time begins to run from the date of the acceptance if the bill is accepted, and from the date of noting or protest if the bill is noted or protested for non-acceptance or for non-delivery;
(4) the term month in a bill means calendar month.
15. The drawer of a bill and any indorser may insert therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may think fit.
16. The drawer of a bill and any indorser may insert therein an express stipulation—
(1) negativing or limiting his own liability to the holder; (2) waiving, as regards himself, some or all of the holder's duties.
17.—(1) The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer.
acceptance. Time for acceptance.
(2) An acceptance is invalid unless it complies with the following conditions, namely:
(a) it must be written on the bill and be signed by the drawee. The mere signature of the drawee, without additional words, is sufficient;
(b) it must not express that the drawee will perform his promise by any other means than the payment of money.
18.—(1) A bill may be accepted—
(a) before it has been signed by the drawer, or while otherwise incomplete;
(b) when it is overdue, or after it has been dishonoured by a previous refusal to accept or by non-payment.