Bills of Exchange.
(b) where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment;
(c) where a bill is payable at a fixed period after sight, the time begins to run from the date of the acceptance if the bill is accepted, and from the date of noting or protest if the bill is noted or protested for non-acceptance or for non-delivery;
(d) the term "month" in a bill means calendar month.
[CAP. 19
case of need.
15. The drawer of a bill and any indorser may insert therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may think fit.
16. The drawer of a bill and any indorser may insert therein an express stipulation---
(a) negativing or limiting his own liability to the holder;
(b) waiving, as regards himself, some or all of the holder's duties.
Optional stipulations by drawer or indorser.
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.
361
Time for acceptance.
Bills of Exchange.
(b) where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment; (c) where a bill is payable at a fixed period after sight, the time begins to run from the date of the accep- tance if the bill is accepted, and from the date of noting or protest if the bill is noted or protested for non-acceptance or for non-delivery;
(d) the term "month" in a bill means calendar month.
[CAP. 19
case of need.
15. The drawer of a bill and any indorser may insert Referee in therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may think fit.
16. The drawer of a bill and any indorser may insert Optional therein an express stipulation---
(a) negativing or limiting his own liability to the
holder;
stipulations by drawer or indorser.
(b) waiving, as regards himself, some or all of the
holder's duties.
17. (1) The acceptance of a bill is the signification by Definition the drawce of his assent to the order of the drawer.
and
requisites of acceptance.
(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.
361
Time for acceptance.
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