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

(2) Presentment in accordance with these rules is
excused, and a bill may be treated as dishonoured by
non-acceptance—

(a) where the drawee is dead, or bankrupt, or is a
fictitious person or a person not having capacity to
contract by bill;

(5) where, after the exercise of reasonable diligence,
such presentment cannot be effected ;

(c) where, although the presentment has been irre-
gular, 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.

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

43. (1) A bill is dishonoured by non-acceptance—

(2) when it is duly presented for acceptance, and
such an acceptance as is prescribed by this Ordinance
is refused or cannot be obtained; or

(6b) 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.

44. (1) The holder of a bill may refuse to take a qualified
acceptance, 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.

49 (2)

771

Non-
acceptance.

Dishonour
by non-
acceptance
and its con-
sequences.

Duties as to
qualified
acceptances.