Hong Kong Ordinances

BILLS OF EXCHANGE ORDINANCE - SECT 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.]