1950_BILLS_OF_EXCHANGE_ORDINANCE — Page 22

CAP. 19]

[s. 49 cont.]

Excuses for non-notice and delay.

Bills of Exchange.

his principal. If he gives notice to his principal, he must do so within the same time as if he were the holder, and the principal, upon receipt of such notice, has himself the same time for giving notice as if the agent had been an independent holder; (n) where a party to a bill receives due notice, he has, after the receipt of such notice, the same period of time for giving notice to antecedent parties that the holder has after the dishonour;

(o) where the notice is duly addressed and posted, the sender is deemed to have given due notice of dishonour, notwithstanding any miscarriage by the Post Office.

50. (1) Delay in giving notice of dishonour is excused where the delay is caused by circumstances beyond the control of the party giving notice, and not imputable to his default, misconduct, or negligence. When the cause of delay ceases to operate, the notice must be given with reasonable diligence.

(2) Notice of dishonour is dispensed with- (a) where, after the exercise of reasonable diligence, notice, as required by this Ordinance, cannot be given to or does not reach the drawer or indorser sought to be charged;

(b) by waiver, express or implied. Notice of dishonour may be waived before the time of giving notice has arrived or after the omission to give due notice;

(c) as regards the drawer, in the following cases, namely--

(i) where drawer and drawee are the same person;

(ii) where the drawee is a fictitious person or a person not having capacity to contract;

(iii) where the drawer is the person to whom the bill is presented for payment;

(iv) where the drawee or acceptor is, as between himself and the drawer, under no obligation to accept or pay the bill;

(v) where the drawer has countermanded payment;

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