BILLS OF EXCHANGE. 123
[ 9 OF 1885. ]
( 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 be
accepted, and from the date of noting or protest if the bill be
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 Case of need
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 Optional
stipulations
an express stipulation by drawer or
indorser,
( 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 aa bill is the signification by the and
Definition
requisites
drawee of his assent to the order of the drawer. of 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.
( 6. ) It must not express that the drawce will perform his
promise by any other means than the payment of
money.
18. A bill may be accepted . Time for
acceptance,
( 1. ) Before it has been signed by the drawer, or while other
wise incomplete :
( 2. ) When it is overdue, or after it has been dishonoured
by a previous refusal to accept, or by non -payment :
( 3. ) When a bill payable after sight is dislionoured by non
acceptance, and the drawee subsequently accepts it, the holder,
in the absence of any different agreement, is entitled to have
the bill accepted as ofthe date of first presentment to the drawec
for acceptance .