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". |
