Supreme Court Cases on CD

25. When day of maturity is a holiday
 

When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day.

Explanation: The Expression "Public Holiday" includes Sunday" ¹[***] and any other day declared by the ²[Central Government], by notification in the Official Gazette, to be a public holiday.

 

1. Words "New-Year's day, Christmas day: if either of such days falls on a Sunday, the next following Monday; Good Friday;" omitted by Act 37 of 1955, sec. 3 (w.e.f. 1-4-1956).

2. Substituted by the AO 1937, for "Local Government".

 

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