1901_BILLS_OF_EXCHANGE_ORDINANCE__1885 — Page 12

..D. 1885.

subject to dorsement.

ques to be

negotiated thencefor- than that

within the ars on the

th of time.

uestion of

aturity of n effected

ured, any er to any

othing in

for indor- as of this € entitled

to whom

free from personal

I may en-

at holder

s him in

raccept-

A.D. 1885.

BILLS OF EXCITANGE.

[No. 3.

necessary.

471

(2.) Where a bill expressly stipulates that it shall be presented for acceptance is acceptance, or where a bill is drawn payable elsewhere than at the place of business or residence of the drawec, it must be presented for accept- ance before it can be presented for payment.

(3.) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.

(4.) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for 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.

Time for pre- senting bill

payable after sight.

(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 –Rules as to in accordance with the following rules :-

presentment for accept-

excuses for non-present-

(a.) the presentment must be made by or on behalf of the holder auce, and

to the drawee, or to some person authorized to accept or refuse acceptance on his behalf, at a reasonable hour on a business day ment. and before the bill is overdue :

(k,) 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 ;

(c.) where authorized by agreement or usage. a

through the Post Office is sufficient.

presentment

(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;

(4.) where, after the exercise of reasonable diligence, such present-

ment cannot be effected ;