1937_BILLS_OF_EXCHANGE_ORDINANCE__1885 — Page 16

HK Historical Laws 香港歷史法例 All AI Reviewed

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204

No. 3 of 1885.

BILLS OF EXCHANGE.

Non-accept-

ance.

Dishonour by non-accept- ance and its consequences.

Duties as to qualified acceptances.

Rules as to

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, 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 authorized 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 is not so presented, the

drawer and indorsers shall be discharged. A bill is duly presented for payment which is presented in accordance with the following rules:--

(1) where the bill is not payable on demand, presentment must be made on the day it falls due;

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204 No. 3 of 1885. BILLS OF EXCHANGE. Non-accept- ance. Dishonour by non-accept- ance and its consequences. Duties as to qualified acceptances. Rules as to 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, 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 authorized 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 is not so presented, the drawer and indorsers shall be discharged. A bill is duly presented for payment which is presented in accordance with the following rules:-- (1) where the bill is not payable on demand, presentment must be made on the day it falls due;

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204 No. 3 of 1885. BILLS OF EXCHANGE. Non-accept- ance. Dishonour by non-accept- ance and its consequences. Duties as to qualified acceptances. Rules as to 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, 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 authorized 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 presentment be duly presented for payment. If it is not so presented, the for payment. drawer and indorsers shall be discharged. A bill is duly pre- sented for payment which is presented in accordance with the following rules :-- (1) where the bill is not payable on demand, presentment must be made on the day it falls due;

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