CAP. 19]
[s. 39 cont.]
Time for presenting bill payable after sight.
Rules as to presentment for acceptance, and excuses for non-presentment.
Bills of Exchange.
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 some person authorized 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;
(c) where the drawee is dead, presentment may be made to his personal representative;
(d) where the drawee is bankrupt, presentment may be made to him or to his trustee or assignee;
(e) where authorized by agreement or usage, a presentment through the Post Office is sufficient.
(2) Presentment in accordance with these rules is excused, and a bill may be treated as dishonoured by non-acceptance-
(a) where the drawee is dead or bankrupt, or is a fictitious person or a person not having capacity to contract by bill;
(b) where, after the exercise of reasonable diligence, such presentment cannot be effected;
(c) where, although the presentment has been irregular, acceptance has been refused on some other ground.
370