THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
86. (1.) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged.
(2.) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
(3.) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
87. (1.) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable.
(2.) Presentment for payment is necessary in order to render the indorser of a note liable.
(3.) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice.
88. The maker of a promissory note by making it-
(1.) Engages that he will pay it according to its tenor;
(2.) Is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse.
89. (1.) Subject to the provisions in this part and, except as by this section provided, the provisions of this Ordinance relating to bills of exchange apply, with the necessary modifications, to promissory notes.
(2.) In applying those provisions the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first indorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer's order.
(3.) The following provisions as to bills do not apply to notes; namely, provisions relating to-
(a.) Presentment for acceptance;
(b.) Acceptance;
(c.) Acceptance suprà protest;
(d.) Bills in a set.
(4.) Where a foreign note is dishonoured, protest thereof is unnecessary.
1
Note payable on demand.
Presentment of note for payment.
Liability of maker.
Application of Part II. to notes.
PART V.
SUPPLEMENTARY.
90. A thing is deemed to be done in good faith, within the meaning of this Ordinance, where it is in fact done honestly, whether it is done negligently or not.
91. (1.) Where, by this Ordinance, any instrument or writing is required to be signed by any person, it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person by or under his authority.
(2.) In the case of a corporation, where, by this Ordinance, any instrument or writing is required to be signed, it is sufficient if the instrument or writing be sealed with the corporate seal.
But nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal.
92. Where, by this Ordinance, the time limited for doing any act or thing is less than three days, in reckoning time, non-business days are excluded.
"Non-business days" for the purposes of this Ordinance means-
Sundays and public holidays and bank holidays within the meaning of these terms as used in Ordinance 6 of 1875.
Good faith.
Signature.
Attestation.
Page 20
Page 21
425
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
86. (1.) Where a note payable on demand has been in- dorsed, it must be presented for payment within a reason- able time of the indorsement. If it be not so presented the indorser is discharged.
(2.) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
(3.) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
87. (1.) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable.
(2.) Presentment for payment is necessary in order to render the indorser of a note liable.
(3.) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of pay- ment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice.
88. The maker of a promissory note by making it-
(1.) Engages that he will pay it according to its te-
nour;
(2.) Is precluded from denying to a holder in due course the existence of the payce and his then capacity to indorse.
89. (1.) Subject to the provisions in this part and, except as by this section provided, the provisions of this Ordinance relating to bills of exchange apply, with the necessary modifications, to promissory notes.
(2.) In applying those provisions the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first indorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer's order.
(3.) The following provisions as to bills do not apply to notes; namely, provisions relating to-
(a.) Presentment for acceptance;
(b.) Acceptance;
(c.) Acceptance suprà protest;
(d.) Bills in a set.
(4.) Where a foreign note is dishonoured, protest thereof is unnecessary.
1
Note payable on demand.
Presentment
of note for payment.
Liability of maker.
Application of Part II. to notes.
PART V.
SUPPLEMENTARY.
90. A thing is deemed to be done in good faith, within the meaning of this Ordinance, where it is in fact done honestly, whether it is done negligently or not.
91. (1.) Where, by this Ordinance, any instrument or writing is required to be signed by any person, it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person by or under his authority.
(2.) In the case of a corporation, where, by this Ordinance, any instrument or writing is required to be signed, it is sufficient if the instrument or writing be sealed with the corporate scal.
But nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal.
92. Where, by this Ordinance, the time limited for doing any act or thing is less than three days, in reckoning time, non-business days are excluded.
Non-business days" for the purposes of this Ordinance
means- THE
Sundays and public holidays and bank holidays within the meaning of these terms as used in Ördinance 6 of 1875.
Good faith.
Signature,
Cementation
OBTEN
425
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