Document ID: chunk:federal_register_of_legislation:C2012C00128:section:19
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 19
Character Range: 13996–15021

19  Computation of time of payment

 (1) A bill that is not payable on demand falls due for payment on the last day of the time of payment fixed by the bill.

 (2) In working out the time of payment fixed by a bill the following rules apply:
 (b) 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.
 (c) 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 for non‑delivery.
 (d) The term month in a bill means a period starting at the start of any day of one of the calendar months and ending:
 (i) immediately before the start of the corresponding day of the next calendar month; or
 (ii) if there is no such day—at the end of the next calendar month.