Report No. 11
29. Maturity, how determined.-
The maturity of a note or bill not payable on demand is determined as follows:-
(1) Every such note or bill is at maturity on the third day after the day on which it is expressed to be payable.
[Section 22, para. 2]
(2) In calculating the date at which a note or bill, made payable a stated number of months after date or after sight or after a certain event, is at maturity, the period stated shall be held to terminate on the day of the month which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens, or, where the instrument is a bill made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.
(3) In calculating the date at which a note or bill made payable a certain number of days after date or after sight or after a certain event is at maturity, the day of the date, or of presentment for acceptance or sight, or of protest for non-acceptance, or on which the event happens, shall be excluded.
(4) When the day on which a note or bill is at maturity is a public holiday, the instrument shall be deemed to be due on the next succeeding business day.
Explanation.-The expression "public holiday" includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.