Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IGeneral duties of the holder42. Duties as to and consequences of qualified acceptance |
| (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) | If a qualified acceptance is taken and the drawer or an indorser has not expressly or impliedly authorized the holder to take a qualified acceptance, or does not subsequently assent thereto, the drawer or such indorser is discharged from his liability on the bill: Provided that the provisions of this subsection do not apply to a partial acceptance whereof due notice has been given. |
| (3) | If the drawer or an indorser of a bill receives notice of a qualified acceptance, and does not within a reasonable time express his dissent to the holder, he shall be deemed to have assented thereto. |