206
No. 3 of 1885.
BILLS OF EXCHANGE.
Excuses for delay or non-presentment for payment.
Dishonour by non-payment.
Notice of dishonour
personal representative, if such there be, and, with the exercise of reasonable diligence, he can be found;
(8) where authorized by agreement or usage, a presentment through the Post Office is sufficient.
46.-(1) Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, misconduct, or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence.
(2) Presentment for payment is dispensed with-
(a) where, after the exercise of reasonable diligence, presentment, as required by this Ordinance, cannot be effected. The fact that the holder has reason to believe that the bill will, on presentment, be dishonoured does not dispense with the necessity for presentment;
(b) where the drawee is a fictitious person;
(c) as regards the drawer, where the drawee or acceptor is not bound, as between himself and the drawer, to accept or pay the bill, and the drawer has no reason to believe that the bill would be paid, if presented;
(d) as regards an indorser, where the bill was accepted or made for the accommodation of that indorser, and he has no reason to expect that the bill would be paid, if presented; (e) by waiver of presentment, express or implied.
47.-(1) A bill is dishonoured by non-payment-
(a) when it is duly presented for payment and payment is refused or cannot be obtained; or
(b) when presentment is excused and the bill is overdue and unpaid.
(2) Subject to the provisions of this Ordinance, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
48. Subject to the provisions of this Ordinance, when a bill has been dishonoured by non-acceptance or by non-payment, notice of dishonour must be given to the drawer and each
and effect of
206
No. 3 of 1885.
BILLS OF EXCHANGE.
Excuses for delay or non-present- ment for payment.
Dishonour by non-payment.
Notice of dishonour
personal representative, if such there be, and, with the exercise of reasonable diligence, he can be found;
(8) where authorized by agreement or usage, a presentment through the Post Office is sufficient.
46.-(1) Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, mis- conduct, or negligence. When the cause of delay ceases to. operate, presentment must be made with reasonable diligence.
(2) Presentment for payment is dispensed with-
(a) where, after the exercise of reasonable diligence, present- ment, as required by this Ordinance, cannot be effected. The fact that the holder has reason to believe that the bill will, on presentment, be dishonoured does not dispense with the necessity for presentment;
(b) where the drawee is a fictitious person;
(c) as regards the drawer, where the drawee or acceptor is not bound, as between himself and the drawer, to accept or pay the bill, and the drawer has no reason to believe that the bill would be paid, if presented;
(d) as regards an indorser, where the bill was accepted or made for the accommodation of that indorser, and he has no reason to expect that the bill would be paid, if presented; (e) by waiver of presentment, express or implied.
47.-(1) A bill is dishonoured by non-payment-
(a) when it is duly presented for payment and payment is refused or cannot be obtained; or
(b) when presentment is excused and the bill is overdue and unpaid.
(2) Subject to the provisions of this Ordinance, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
48. Subject to the provisions of this Ordinance, when a bill has been dishonoured by non-acceptance or by non-payment, non-notice. notice of dishonour must be given to the drawer and each
and effect of
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