the-ordinances-of-the-legislative-counci-1890v4 — Page 60

ORDINANCE No. 9 of 1885 . 1877


Bills of Exchange.


61. When the acceptor of a bill is or becomes the holder of it at or Acceptor the
holder at
after its maturity, in his own right , the bill is discharged . maturity.

62. ( 1. ) When the holder of a bill at or after its maturity abso Express
waiver.
lutely and unconditionally renounces his rights against the acceptor the
bill is discharged .

The renunciation must be in writing, unless the bill is delivered up
to the acceptor .

(2. ) The liabilities of any party to a bill may in like manner be
renounced by the holder before, at, or after its maturity ; but nothing in

this section shall affect the rights of a holder in due course without notice
of the renunciation .

63. ( 1. ) Where a bill is intentionally cancelled by the holder or Cancellation.

his agent, and the cancellation is apparent thereon , the bill is discharged .

( 2. ) In like manner any party liable on a bill may be discharged by
the intentional cancellation of his signature by the holder or his agent .

In such case any indorser who would have had a right of recourse against
the party whose signature is cancelled , is also discharged .

(3. ) A cancellation made unintentionally, or under a mistake, or
without the authority of the holder is inoperative ; but where a bill or
any signature thereon appears to have been cancelled the burden of proof
lies on the party who alleges that the cancellation was made uninten
tionally , or under a mistake, or without authority.

64. ( 1. ) Where a bill or acceptance is materially altered without Alteration of
bill.
the assent of all parties liable on the bill , the bill is avoided except as
against a party who has himself made, authorised , or assented to the
alteration , and subsequent indorsers .
Provided that ,

Where a bill has been materially altered , but the alteration is
not apparent, and the bill is in the hands of a holder in
due course, such holder may avail himself of the bill as if it

had not been altered , and may enforce payment of it accord
ing to its original tenour.

(2. ) In particular the following alterations are material, namely, any
alteration of the date, the sum payable, the time of payment, the place of

payment, and, where a bill has been accepted generally , the addition of a
place of payment without the acceptor's assent.