Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter I

General duties of the holder

40. Failure to accept within customary time
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(a)If a bill is duly presented for acceptance and it is not accepted within the customary time, the person presenting it must treat it as dishonoured by non-acceptance.
(b)If such person does not do so, the holder shall lose his right of recourse against the drawer and indorsers.