If a bill is not payable on demand, the day on which it falls due is determined as follows, namely—
| (a) | if the date on which the bill would fall due is a non-business day, the due date thereof shall be the next business day; |
| (b) | there are no days of grace; |
| (c) | if a bill is payable at the expiration of 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 period is to begin to run, and by including the day of payment; |
| (d) | if a bill is payable at the expiration of a fixed period after sight, the period begins to run from the date of the acceptance, if the bill is accepted, and from the date of noting or protest, if the bill is noted or protested for non-acceptance. |
