296
No. 3 of 1885.
Optional stipulations by drawer or indorser.
Definition and requisites of acceptance.
Time for acceptance.
General and qualified acceptances.
BILLS OF EXCHANGE.
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.
18. (1) A bill may be accepted-
(a) before it has been signed by the drawer, or while otherwise incomplete;
(b) when it is overdue, or after it has been dishonoured by a previous refusal to accept or by non-payment.
(2) When a bill payable after sight is dishonoured by non-acceptance, and the drawee subsequently accepts it, the holder, in the absence of any different agreement, is entitled to have the bill accepted as of the date of first presentment to the drawee for acceptance.
19. (1) An acceptance is either (a) general; or (b) qualified.
(2) A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn.
(3) In particular, an acceptance is qualified which is-
(a) conditional, that is to say, which makes payment by the acceptor dependent on the fulfilment of a condition therein stated;
(b) partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn;
(c) local, that is to say, an acceptance to pay only at a particular specified place; an acceptance to pay at a particular place is a general acceptance, unless it expressly states that the bill is to be paid there only and not elsewhere;
* As amended by No. 63 of 1911.
22
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(2) party (a) the at case (b) purpos in the but if delivery liable t
296
No. 3 of 1885.
Optional
stipulations
by drawer or
indorser.
Definition and requi- sites of acceptance.
Time for acceptance.
*
General and qualified acceptances.
BILLS OF EXCHANGE.
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 follow- ing 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.
18. (1) A bill may be accepted-
(a) before it has been signed by the drawer, or while otherwise incomplete;
(b) when it is overdue, or after it has been dishonoured by a previous refusal to accept or by non-payment.
(2) When a bill payable after sight is dishonoured by non- acceptance, and the drawee subsequently accepts it, the holder, in the absence of any different agreement, is entitled to have the bill accepted as of the date of first presentment to the drawee for acceptance.
19.-(1) An acceptance is either (a) general; or (b) qualified. (2) A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn.
(3) In particular, an acceptance is qualified which is- (a) conditional, that is to say, which makes payment by the acceptor dependent on the fulfilment of a condition therein stated;
(b) partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn;
(c) local, that is to say, an acceptance to pay only at a particular specified place; an acceptance to pay at a particular place is a general acceptance, unless it expressly states that the bill is to be paid there only and not clsewhere;
* As amended by No. 63 of 1911.
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