Bills of Exchange Ordinance

(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.]