304
Rules as to presentment for acceptance, and excuses for non-presentment.
Non-acceptance.
Dishonour by non-acceptance and its consequences.
No. 3 of 1885.
BILLS OF EXCHANGE.
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;
(b) 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;
(b) 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. 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 does 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.
304
Rules as to presentment for accept- ance, and
excuses for non-present- ment.
Non-accept-
ance.
Dishonour by non-accept- ance and its
conse-
quences.
No. 3 of 1885.
BILLS OF EXCHANGE.
41.-(1) A bill is duly presented for acceptance which is pre- sented 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;
(b) 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 per- son or a person not having capacity to contract by bill;
(b) where, after the exercise of reasonable diligence, such pre- sentment cannot be effected ;
(c) where, although the presentinent has been irregular, accept- ance 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. 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 does 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 accept- ance 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 dis- honoured by non-acceptance, an immediate right of recourse against
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