414
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
Rules as to presentment for acceptance, and excuses for non-presentment, Non-acceptance. Dishonour by non-acceptance and its consequences, Duties as to qualified acceptances. Rules as to presentment for payment.
(2.) If he do 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 to some person authorised to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue:
(5.) 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 authorised 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:
(6.) 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.
(3.) The fact that the holder has reason to believe that the bill, on presentment, will be dishonoured does not excuse presentment.
42. (1.) When a bill is duly presented for acceptance and is not accepted within the customary time, the person presenting it must treat it as dishonoured by non-acceptance. If he do not, the holder shall lose his right of recourse against the drawer and indorsers.
43. (1.) A bill is dishonoured by non-acceptance—
(a.) When it is duly presented for acceptance, and such an acceptance as is prescribed by this Ordinance is refused or cannot be obtained; or
(b.) When presentment for acceptance is excused and the bill is not accepted.
(2.) Subject to the provisions of this Ordinance when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.
44. (1.) The holder of a bill may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance may treat the bill as dishonoured by non-acceptance.
(2.) Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorised the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from his liability on the bill.
The provisions of this sub-section do not apply to a partial acceptance, whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance.
(3.) When the drawer or indorser of a bill receives notice of a qualified acceptance, and does not within a reasonable time express his dissent to the holder he shall be deemed to have assented thereto.
45. Subject to the provisions of this Ordinance a bill must be duly presented for payment. If it be not so presented the drawer and indorsers shall be discharged.
"
414
THE HONGKONG GOVERNMENT GAZETTE, 9TH MAY, 1885.
Rules as to presentment
for neceptance,
and excuses for non-
- presentment,
Non-accept-
здое.
Dishonour by non-accept- ance and its consequences,
Duties us to qualified acceptances.
Rules as to presentment for payment.
(2.) If he do 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 to some person authorised to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue:
(5.) 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 authorised by agreement or usage, a pre- sentment through the post office is sufficient. (2.) Presentment in accordance with these rules is ex- cused, and a bill may be treated as dishonoured by non- acceptance-
(a.) Where the drawee is dead or bankrupt, or is a fic- titious person or a person not having capacity
to contract by bill:
(6.) Where, after the exercise of a reasonable diligence,
such presentment cannot be effected :
(c.) Where although the presentment has been irregular, acceptance has been refused on some other ground.
(3.) The fact that the holder has reason to believe that the bill, on presentment, will be dishonoured does not ex- cuse presentment.
42. (1.) When a bill is duly presented for acceptance and is not accepted within the customary time, the person presenting it must treat it as dishonoured by non-acceptance. If he do not, the holder shall lose his right of recourse against the drawer and indorsers.
43, (1.) A bill is dishonoured by non-acceptance—-
(a.) When it is duly presented for acceptance, and such
an acceptance as is prescribed by this Or dinance is refused or cannot be obtained; or (b.) When presentment for acceptance is excused and
the bill is not accepted.
(2.) Subject to the provisions of this Ordinance when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.
44. (1.) The holder of a bill may refuse to take a quali- fied acceptance, and if he does not obtain an unqualified acceptance may treat the bill as dishonoured by non-accept-
ance.
(2.) Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorised the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from his liability on the bill.
The provisions of this sub-section do not apply to a partial acceptance, whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be pro- tested as to the balance.
(3.) When the drawer or indorser of a bill receives notice of a qualified acceptance, and does not within a reasonable time express his dissent to the holder he shall be deemed to have assented thereto.
45. Subject to the provisions of this Ordinanec a bill must be duly presented for payment. If it be not SO presented the drawer and indorsers shall be discharged.
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