A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
463
or as a bill
r they alter-hange.
1st be or it me of
of an he bill dicat- tween er.
able. k.
ble, or e's not fat it ressed or his and, if the bill is undated, from the issue thereof.
10.--(1.) A bill is payable on demand---
(a.) which is expressed to be payable on demand, or at sight, or on presentation; or
(b.) in which no time for payment is expressed.
(2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts or any indorser who so indorses it, be deemed a bill payable on demand.
Bill payable on demand.
11. (1.) A bill is payable at a determinable future time within the meaning of this Ordinance which is expressed to be payable-
(a) at a fixed period after date or sight;
(b) 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.
(2.) An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
Bill payable at future time.
Omission of date in bill payable after date.
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 is proved, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.
Ante-dating and post-dating.
(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
Computation of time of payment.
1885.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
463
or as a
a bill
r they
alter- hange.
1st be
or it me of
of an
he bill
dicat- tween
er.
able. k.
ble, or e's not fat it
ressed or his
and, if the bill is undated, from the issue thereof.
10.--(1.) A bill is payable on demand---
(a.) which is expressed to be payable on demand, or at sight, or
on presentation; or
(b.) in which no time for payment is expressed.
(2.) Where a bill is accepted or indorsed when it is overdue, it shall,
as regards the acceptor who so accepts or any indorser who so indorses it, be deemed a bill payable on demand.
Bill payable
on demand.
11. (1.) A bill is payable at a determinable future time within the Bill payable meaning of this Ordinance which is expressed to be payable-
(a) at a fixed period after date or sight;
(6.) 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,
(2.) An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
at future time.
date in bill payable after
Omission of
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. 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,
nean-
13.-(1.) Where a bill or an acceptance or any indorsement on a bill Ante-dating is dated, the date shall, unless the contrary is proved, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.
and post- dating.
alt in
(2.) A bill is not invalid by reason only that it is auto-dated or post- dated, or that it bears date on a Sunday.
g to a
gures, y the
ss the
, bill,
14. Where a bill is not payable on demand, the day on which it falls Computation 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
of time of payment.
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