Bills of Exchange.
[CAP. 19
(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.
Dishonour by non-acceptance and its consequences.
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 subsection 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
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Bills of Exchange.
[CAP. 19
(3) The fact that the holder has reason to believe that the bill, on presentment, will be dishonoured does not excuse presentment.
ance.
42. When a bill is duly presented for acceptance and Non-accept- is not accepted within the customary time, the person pre- senting 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.
Dishonour by non-accept-
43. (1) A bill is dishonoured by non-acceptance- (a) when it is duly presented for acceptance, and such ance and its
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.
consequences.
qualified
44. (1) The holder of a bill may refuse to take a Duties as to qualified acceptance, and, if he does not obtain an Un- acceptances. qualified 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 subsection 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.
presentment
45. Subject to the provisions of this Ordinance, a bill Rules as to must be duly presented for payment. If it is not so pre- for payment. sented, the drawer and indorsers shall be discharged. A
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