Bills of Exchange. (Ch. 31. No. 5.

 

(6) 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 be accepted, and from the date of
noting or protest if the bill be noted or protested for
non-acceptance, or for non-delivery ;

(@) the term “month in a bill means calendar
month.

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.

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 drawce without
additional words is sufficient ;

(6) it must not express that the drawee will perform
his promise by any other means than the payment of
money.

761

Case of need.

Optional
stipulations
by drawer or
indorser,

Definition
and requi-
sites of
acceptance.