the-ordinances-of-the-legislative-counci-1890v4 — Page 49

1866 ORDINANCE No. 9 OF 1885 .


Bills of Exchange.


(c . ) Where although the presentment has been irregular,
acceptance has been refused on some other ground.

(3. ) The fact that the holder has reason to believe that the bill , on
presentment, will be dishonoured does not excuse presentment.

Non-accept 42. ( 1. ) When a bill is duly presented for acceptance and is not
ance.
accepted within the customary time, the person presenting it must treat
it as dishonoured by non -acceptance . If he do not, the holder shall lose
his right of recourse against the drawer and indorsers.

Dishonour by 43. ( 1. ) A bill is dishonoured by non - acceptance
non-accept
ance and its
consequences . (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.

Duties as to 44. ( 1. ) The holder of a bill may refuse to take a qualified accept
qualified
acceptances. ance, 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 authorised 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 accept
ance, 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 .

Rules as to 45. Subject to the provisions of this Ordinance a bill must be duly
presentment
for payment. presented for payment. If it be not so presented the drawer and indorsers
shall be discharged .