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 Sundays: *** and any other day declared by the [Central Government], by notification in the Official Gazette, to be a public holiday.
Amendment notes (2)
- omitted w.e.f. 1-4-1956 . The words New Year's day, Christmas day: if either of such days falls on a Sunday, the next following Monday: GoodFriday: omitted by Act 37 of 1955, s. 3 (w.e.f. 1-4-1956).
- Subs . Subs by the A.O. 1937, for L.G.