THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
11. A bill is payable at a determinable future time within the meaning of this Ordinance which is expressed to be payable-
(1.) At a fixed period after date or sight.
(2.) On or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.
An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
12. Where a bill expressed to be payable at a fixed period after date is issued undated, or where the acceptance of a bill payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly.
Provided that (1) where the holder in good faith and by mistake inserts a wrong date, and (2) in every case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course the bill shall not be avoided thereby, but shall operate and be payable as if the date so inserted had been the true date.
13. (1.) Where a bill or an acceptance or any indorsement on a bill is dated, the date shall, unless the contrary be proved, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.
(2.) A bill is not invalid by reason only that it is ante-dated or post-dated, or that it bears date on a Sunday.
14. Where a bill is not payable on demand the day on which it falls due is determined as follows:--
(1.) Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace: Provided that—
(a.) When the last day of grace falls on Sunday, Christmas Day, Good Friday, or a day appointed by proclamation in the Gazette as a public fast or thanksgiving day, the bill is, except in the case herein-after provided for, due and payable on the preceding business day;
(b.) When the last day of grace is a bank holiday (other than Christmas Day or Good Friday) or when the last day of grace is a Sunday and the second day of grace is a Bank Holiday, the bill is due and payable on the succeeding business day.
(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 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.
(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.
Bill payable at a future time,
Omission of date.
Bill Payable after sight.
Ante-dating and post-dating.
Computation of the day of payment.
Case of need.
Optional stipulations by drawer or indorser.
Definition and requisites of acceptance.
409
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
11. A bill is payable at a determinable future time within the meaning of this. Ordinance which is expressed to be payable-
(1.) At a fixed period after date or sight.
(2.) On or at a fixed period after the occurrence of a specified event which is certain to happen,
though the time of happening may be mucer-
tain.
An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
12. Where a bill expressed to be payable at a fixed period after date is issued undated, or where the acceptance of a bill payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly.
Provided that (1) where the holder in good faith and by mistake inserts a wrong date, and (2) in every case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course the bill shall not be avoided thereby, but shall operate and be payable as if the date so inserted had been the true date.
13. (1.) Where a bill or an acceptance or any indorse- ment on a bill is dated, the date shall, unless the contrary be proved, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.
(2.) A bill is not invalid by reason only that it is ante- dated or post-dated, or that it bears date on a Sunday.
14. Where a bill is not payable on demand the day on which it falls due is determined as follows :--
(1.) Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace: Provided that—
(a.) When the last day of grace falls on Sunday, Christmas Day, Good Friday, or a day ap- pointed by proclamation in the Gazette as a public fast or thanksgiving day, the bill is, ex- cept in the case herein-after provided for, due and payable on the preceding business day; (b.) When the last day of grace is a bank holiday (other than Christmas Day or Good Friday) or when the last day of grace is a Sunday and the second day of grace is a Bank Holiday, the bill is due and payable on the succeeding business day.
(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 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 referce 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 drawce of his assent to the order of the drawer.
(2.) Am acceptanec 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 that the payment of money.
Bill payablo
at a future tiune,
Omission of
iz bill Payable after wife.
Ante-dating and post- dating.
Computation
of the of pay 24
Case of need.
Optional stipulations by drawer or inderer.
frition and
T
whites et GAMO
409
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