### Bills of Exchange Ordinance 《匯票條例》

36. Negotiation of overdue or dishonoured bill
(1) Where a bill is negotiable in its origin, it continues to be negotiable until it has been—
(a) restrictively indorsed; or
(b) discharged by payment or otherwise.
(2) Where an overdue bill is negotiated, it can only be negotiated subject to any defect of title affecting it at its maturity, and thenceforward no person who takes it can acquire or give a better title than that which the person from whom he took it had.
(3) A bill payable on demand is deemed to be overdue, within the meaning and for the purposes of this section, when it appears on the face of it to have been in circulation for an unreasonable length of time. What is an unreasonable length of time for this purpose is a question of fact.
(4) Except where an indorsement bears date after the maturity of the bill, every negotiation is prima facie deemed to have been effected before the bill was overdue.
(5) Where a bill which is not overdue has been dishonoured, any person who takes it with notice of the dishonour takes it subject to any defect of title attaching thereto at the time of dishonour, but nothing in this subsection shall affect the rights of a holder in due course.
[cf. 1882 c. 61 s. 36 U.K.]

37. Negotiation of bill to party already liable thereon
Where a bill is negotiated back to the drawer, or to a prior indorser, or to the acceptor, such party may, subject to the provisions of this Ordinance, reissue and further negotiate the bill, but he is not entitled to enforce payment of the bill against any intervening party to whom he was previously liable.
[cf. 1882 c. 61 s. 37 U.K.]

38. Rights and powers of holder
The rights and powers of the holder of a bill are as follows—
(a) he may sue on the bill in his own name;
(b) where he is a holder in due course, he holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill; 
(c) where his title is defective—
(i) if he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill; and
(ii) if he obtains payment of the bill, the person who pays him in due course gets a valid discharge for the bill.
[cf. 1882 c. 61 s. 38 U.K.]

### Bills of Exchange Ordinance 《匯票條例》

39. When presentment for acceptance is necessary
(1) Where a bill is payable after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument.
(2) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the place of business or residence of the drawee, it must be presented for acceptance before it can be presented for payment.
(3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.
(4) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.
[cf. 1882 c. 61 s. 39 U.K.]

40. Time for presenting bill payable after sight
(1) Subject to the provisions of this Ordinance, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
(2) If he does not do so, the drawer and all indorsers prior to that holder are discharged.
(3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
[cf. 1882 c. 61 s. 40 U.K.]

### Bills of Exchange Ordinance 《匯票條例》

41. Rules as to presentment for acceptance, and excuses for non-presentment
(1) A bill is duly presented for acceptance which is presented in accordance with the following rules—
(a) the presentment must be made by or on behalf of the holder to the drawee, or to some person authorized to accept or refuse acceptance on his behalf, at a reasonable hour on a business day and before the bill is overdue;
(b) where a bill is addressed to two or more drawees, who are not partners, presentment must be made to them all, unless one has authority to accept for all, then presentment may be made to him only;
(c) where the drawee is dead, presentment may be made to his personal representative;
(d) where the drawee is bankrupt, presentment may be made to him or to his trustee or assignee;
(e) where authorized by agreement or usage, a presentment through the Post Office is sufficient.
(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;
(b) where, after the exercise of reasonable diligence, such presentment cannot be effected;
(c) where, although the presentment has been irregular, 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.
[cf. 1882 c. 61 s. 41 U.K.]

42. Non-acceptance
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 does not, the holder shall lose his right of recourse against the drawer and indorsers.
[cf. 1882 c. 61 s. 42 U.K.]

43. Dishonour by non-acceptance and its consequences
(1) A bill is dishonoured by non-acceptance—
(a) when it is duly presented for acceptance, and such an acceptance as is prescribed by this Ordinance is refused or cannot be obtained; or
(b) 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.
[cf. 1882 c. 61 s. 43 U.K.] 

### Bills of Exchange Ordinance 《匯票條例》

44. Duties as to qualified acceptances
(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 authorized 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. The provisions of this subsection do not apply to a partial acceptance, whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance.
(3) When the drawer or 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.
[cf. 1882 c. 61 s. 44 U.K.]