Section 14Part 2 — Bills of Exchange
Computation of time of payment
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Where a bill is not payable on demand the day on which it falls due is determined as follows —
three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace:
Provided that when the last day of grace falls on a Saturday, Sunday, Christmas Day, Good Friday or a holiday, the bill is, except in the case hereinafter provided for, due and payable on the preceding business day; except that when the last day of grace is a holiday and the second day of grace is a Saturday, Sunday, Christmas Day or Good Friday, the bill is due and payable on the succeeding business day, and where, by reason of any period of public emergency, the transaction of normal business becomes onerous or impossible, the Cabinet may, by declaration published in the Gazette, retrospectively or otherwise, declare such period to be a holiday for the purpose of this section and any bill which would otherwise have been payable during such period shall be payable on the next ensuing business day;
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; and
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 non-delivery.
Defined Terms
days of grace