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COMMERCIAL CODE

^ ] Commercial Code - Table of Contents ] Commercial Code - Table of Article ] Decree-Law no. 40/99/M ] Commercial Code - Art. 1 - 100 ] Commercial Code - Art. 101 - 200 ] Commercial Code - Art. 201 - 300 ] Commercial Code - Art. 301 - 400 ] Commercial Code - Art. 401 - 500 ] Commercial Code - Art. 501 - 600 ] Commercial Code - Art. 601 - 700 ] Commercial Code - Art. 701 - 800 ] Commercial Code - Art. 801 - 900 ] Commercial Code - Art. 901 - 1000 ] Commercial Code - Art.1001 - 1100 ] Commercial Code - Art. 1101 - 1200 ] [ Commercial Code - Art. 1201 - 1268 ]


Article 1201

(Legal status of copy)

1. A copy must identify the person in possession of the original instrument. The latter is obliged to hand over such instrument to the lawful holder of the copy.

2. If he refuses to do so, the holder can only exercise his right of recourse against persons who have endorsed the copy or guaranteed it by 'aval' after he has had a protest drawn up specifying that the original has not been returned to him on his demand.

3. If the original instrument, after the last endorsement before the making of the copy contains a clause 'starting from here an endorsement is only valid if made on the copy' or some equivalent formula, a subsequent endorsement on the original shall be void.

SECTION X

AMENDMENTS

Article 1202

(Consequences of amendment of text of a bill of exchange)

In case of amendment of the text of a bill of exchange, parties who have signed subsequent to such amendment shall be bound according to the terms of the amended text; parties who have signed before the amendment are bound according to the terms of the original text.

SECTION XI

LIMITATION OF ACTIONS

Article 1203

(Time limits)

1. All actions arising from a bill of exchange against the acceptor are barred after three years from their date of maturity.

2. Actions by the holder against endorsers and against the drawer are barred after one year from the date of a protest drawn up within the proper time, or from the date of maturity, if there is a stipulation 'no expenses'.

3. Actions by endorsers against each other and against the drawer are barred after six months, counted from the day on which the endorser paid the bill, or from the day on which legal proceedings against him were initiated.

Article 1204

(Effect of interruption of period of limitation)

Interruption of the period of limitation only produces effect against the person for whom the period has been interrupted.

SECTION XII

GENERAL PROVISIONS

Article 1205

(Extension of time limits ending on a holiday)

1. Payment of a bill of exchange which falls due on a legal holiday can only be demanded on the next business day. In the same manner, all other acts relating to a bill of exchange, especially presentation for acceptance and protest, can only take place on a business day.

2. When any of such acts must be taken within a certain time limit, the last day of which is a legal holiday, the time limit is extended until the first business day following its expiry.

Article 1206

(Counting of time limit)

Legal or contractual time limits do not include the day on which the period begins.

Article 1207

(Inadmissibility of days of grace)

No days of grace, whether legal or judicial, shall be permitted.

CHAPTER II

PROMISSORY NOTES

Article 1208

(Requirements of promissory note)

A promissory note contains:

a) the term 'promissory note' inserted in the text of the instrument and expressed in the language employed in drawing up the instrument;

b) an unconditional promise to pay an exact sum of money;

c) an indication of the time of payment;

d) an indication of the place where payment is to be made;

e) the name of the person to whom or to whose order payment is to be made;

f) an indication of the date and of the place where the promissory note is issued;

g) the signature of the person issuing the instrument (maker).

Article 1209

(Lack of any requirement)

1. An instrument in which any of the requirements mentioned in the preceding article is lacking does not produce effect as a promissory note, except in the cases specified in the following paragraphs.

2. A promissory note in which the time of payment is not specified shall be deemed to be payable on sight.

3. In the absence of a special indication, the place where the instrument was made shall be deemed to be the place of payment and, at the same time, the place of domicile of the maker of the promissory note.

4. A promissory note which does not mention the place of its issue is deemed to have been made in the place mentioned beside the name of the maker.

Article 1210

(Application of provisions relating to bills of exchange)

1. The following provisions relating to bills of exchange apply to promissory notes, so far as they are not inconsistent with the nature of this instrument:

a) endorsement (articles 1144 to 1153);

b) maturity (articles 1166 to 1170);

c) payment (articles 1171 to 1175);

d) right of recourse in case of non-payment (articles 1176 to 1183, and 1185 to 1187);

e) payment by intervention (articles 1188, and 1192 to 1196);

f) copies (articles 1200 and 1201);

g) amendments (article 1202);

h) limitation of actions (articles 1203 and 1204);

i) holidays, counting of time limits and prohibition of days of grace (articles 1205 to 1207).

2. The following provisions are also applicable to a promissory note: the provisions concerning a bill of exchange payable at the domicile of a third party or in a locality other than that of the domicile of the drawee (articles 1137 and 1160), stipulation of interest (article 1138), discrepancies regarding the sum payable (article 1139), the consequences of signature under the conditions mentioned in article 1140, the consequences of signature by a person acting without powers or who exceeds his powers (article 1141), and provisions concerning blank bills of exchange (article 1143).

3. The following provisions are also applicable to promissory notes: provisions relating to guarantee by 'aval' (articles 1163 to 1165); in the case provided for in paragraph 4 of article 1164, if the 'aval' does not specify on whose behalf it has been given, it shall be deemed to have been given on behalf of the maker of the promissory note.

Article 1211

(Liability of maker. Promissory notes payable at a certain period after sight)

1. The maker of a promissory note is obliged in the same manner as an acceptor of a bill of exchange.

2. Promissory notes payable at a certain period after sight must be presented for the visa of the maker within the time limits fixed by article 1156. The time limit runs from the date of the maker's visa. Refusal by the maker to give his visa shall be certified by protest (article 1158), which marks the beginning of the period of time after sight.

CHAPTER III

CHEQUE

SECTION I

DRAWING AND FORM OF A CHEQUE

Article 1212

(Requirements of cheque)

A cheque contains:

a) the term 'cheque' inserted in the text of the instrument and expressed in the language employed in drawing up the instrument;

b) an unconditional order to pay an exact sum of money;

c) the name of the person who is to pay (drawee);

d) an indication of the place where payment is to be made;

e) an indication of the date when and the place where the cheque is drawn;

f) the signature of the person who draws the cheque (drawer).

Article 1213

(Lack of any requirement)

1. An instrument in which any of the requirements mentioned in the preceding article is lacking does not produce effect as a cheque, except in the cases specified in the following paragraphs.

2. In the absence of special indication, the place specified beside the name of the drawee shall be deemed to be the place of payment. If several places are named beside the name of the drawee, the cheque is payable at the first place named.

3. In the absence of such indications, or of any other indication, the cheque is payable at the place where the drawee has his principal establishment.

4. A cheque which does not specify the place at which it was drawn shall be deemed to have been drawn in the place specified beside the name of the drawer.

Article 1214

(Funds available)

A cheque must be drawn on a banker holding funds at the disposal of the drawer and in conformity with an agreement, express or implied, according to which the drawer is entitled to dispose of such funds by means of a cheque. However, if these provisions are not complied with, the instrument is still valid as a cheque.

Article 1215

(Prohibition of acceptance)

A cheque cannot be accepted. A statement of acceptance on a cheque shall be considered not written.

Article 1216

(Types as to payee)

1. A cheque can be made payable:

a) to a specified person, with or without the express clause 'to order';

b) to a specified person, with the clause 'not to order' or other equivalent;

c) to bearer.

2. A cheque made payable to a specified person with the words 'or to bearer', or other equivalent, is deemed to be a cheque to bearer.

3. A cheque which does not specify the payee is deemed to be a cheque to bearer.

Article 1217

(Types of draw)

1. A cheque can be drawn:

a) to the drawer's own order;

b) for account of a third party.

2. A cheque cannot be drawn on the drawer himself, unless it is drawn by one establishment on another establishment belonging to the same drawer.

Article 1218

(Voidness of stipulation of interest)

Any stipulation on interest which may be embodied in the cheque shall be considered not written.

Article 1219

(Cheque payable at domicile of a third party)

A cheque can be payable at the domicile of a third party either in the locality where the drawee has his domicile, or in another locality, under the condition that such third party is a banker.

Article 1220

(Discrepancy of amount payable)

1. If the sum payable by a cheque is expressed in words and in figures, in case of discrepancy the sum denoted by the words shall be the amount payable.

2. If the sum payable by a cheque is expressed more than once in words, or more than once in figures, in case of discrepancy the smaller sum shall be the amount payable.

Article 1221

(Independence of valid signatures)

If a cheque bears signatures of persons incapable of binding themselves by a cheque, or forged signatures, or signatures of fictitious persons, or signatures which for any other reason cannot bind the persons who signed the cheque or on whose behalf it was signed, the obligations of the other persons who have signed it are nonetheless valid.

Article 1222

(Representation without powers or with abuse of power)

Anyone who puts his signature on a cheque as representative of a person who he had no power to act on behalf of, is himself bound as a party to the cheque and, if he pays it, has the same rights as the person for whom he purported to act. The same rule applies to a representative who has exceeded his powers.

Article 1223

(Responsibility of drawer)

A drawer guarantees payment. Any stipulation by which a drawer releases himself from this guarantee shall be considered not written.

Article 1224

(Breach of agreement to complete cheque)

If a cheque which was incomplete when issued has been completed in breach of the agreements entered into, the breach of such agreements cannot be invoked against the holder, unless he has acquired the cheque in bad faith or, in acquiring it, has acted with gross negligence.

SECTION II

TRANSFER

Article 1225

(Forms of transfer)

1. A cheque made payable to a specified person, with or without the express clause 'to order', can be transferred by means of endorsement.

2. A cheque made payable to a specified person, with the clause 'not to order' or equivalent, can only be transferred according to the form and with the effects of an ordinary assignment of credits.

3. Endorsement can be made even in favor of the drawer, or to any other party to the cheque. Such persons can re-endorse the cheque.

Article 1226

(Types of endorsement)

1. An endorsement shall be unconditional. Any condition to which it is made subject shall be considered not written.

2. A partial endorsement shall be void.

3. An endorsement by the drawee shall also be void.

4. An endorsement 'to bearer' is equivalent to a blank endorsement.

5. An endorsement to a drawee has only the effect of a receipt, except in the case in which the drawee has several establishments and the endorsement is made in favor of an establishment other than that on which the cheque has been drawn.

Article 1227

(Form of endorsement)

1. An endorsement must be written on the cheque or on a slip attached to it (attachment). It must be signed by the endorser.

2. An endorsement can leave the beneficiary unspecified, or can consist merely of the signature of the endorser (blank endorsement). In the latter case the endorsement, to be valid, must be written on the back of the cheque or on the attached slip.

Article 1228

(Effects of endorsement. Blank endorsement)

1. An endorsement transfers all the rights arising from a cheque.

2. If the endorsement is in blank, the holder can:

a) fill in the blank, either with his own name or with the name of another person;

b) re-endorse the cheque in blank or to another person;

c) transfer the cheque to a third party without filling in the blank and without endorsing it.

Article 1229

(Liability of endorser)

1. Unless there is a stipulation to the contrary, an endorser guarantees payment.

2. An endorser can prohibit any further endorsement; in this case he does not guarantee payment to the persons to whom the cheque is subsequently endorsed.

Article 1230

(Requirements of legitimacy of bearer)

The detainer of an endorsable cheque shall be deemed to be the legitimate holder if he establishes his title to the cheque through an uninterrupted series of endorsements, even if the last endorsement is blank. For this purpose, crossed endorsements shall be considered not written. If a blank endorsement is followed by another endorsement, the person who signed such last endorsement is deemed to have acquired the cheque by the blank endorsement.

Article 1231

(Endorsement to bearer)

An endorsement on a cheque to bearer renders the endorser liable in accordance with the provisions regulating the right of recourse, but it does not convert the instrument into a cheque to order.

Article 1232

(Dispossession not invokable against legitimate bearer)

If a person has been in any manner dispossessed of a cheque - whether it is a cheque to bearer or an endorsable cheque to which the holder establishes his right in the manner mentioned in article 1230 -, the holder into whose possession the cheque has come is not obliged to return it, unless he acquired it in bad faith, or in acquiring it he acted with gross negligence.

Article 1233

(Defenses not invokable against holder)

Persons against whom legal proceeding have been initiated on the basis of a cheque cannot invoke against the holder defenses founded on their personal relations with the drawer or with previous holders, except if the holder, in acquiring the cheque, has knowingly acted to the detriment of the debtor.

Article 1234

(Endorsement in procuration)

1. If an endorsement contains the indication 'value in collection', 'for collection', 'by procuration', or any other phrase implying a mere mandate, the holder can exercise all rights arising from the cheque, but he can endorse it only in his capacity of procurator.

2. In this case the liable parties can only invoke against the holder the defenses which could be invoked against the endorser.

3. The mandate contained in an endorsement by procuration is not extinguished by reason of the death of the party giving the mandate, or by reason of his supervening lack of capacity.

Article 1235

(Late endorsement)

1. An endorsement after protest, or after an equivalent declaration, or after the expiry of the time limit for presentation, operates only as an ordinary assignment of credits.

2. Except if there is proof to the contrary, an undated endorsement is deemed to have been made prior to the protest, or equivalent declaration, or prior to the expiry of the time limit mentioned in the previous paragraph.

SECTION III

'AVAL'

Article 1236

(Function of 'aval')

1. Payment of the amount of a cheque can be wholly or partly guaranteed by an 'aval'.

2. This guarantee can be given by a third party other than the drawee, or even by a person who has signed the cheque.

Article 1237

(Form of 'aval')

1. An 'aval' is given either on the cheque itself or in an attached slip.

2. An 'aval' is expressed by the words 'good as aval', or by any other equivalent formula. It shall be signed by the giver of the 'aval'.

3. An 'aval' is deemed to be constituted by the mere signature of the giver of the 'aval', on the face of the cheque, except in the case of the signature of the drawer.

4. An 'aval' must specify to whom it is given. In the lack of this indication, it is deemed to be given to the drawer.

Article 1238

(Liability of giver of 'aval')

1. A giver of 'aval' is obliged in the same manner as the person who he guarantees.

2. His liability remains valid even if the obligation which he has guaranteed is void for any reason other than defect of form.

3. By paying the cheque, the giver of 'aval' acquires the rights arising from it against the person guaranteed and against those who are liable to the latter on the basis of the cheque.

SECTION IV

PRESENTATION AND PAYMENT

Article 1239

(Payment on sight)

1. A cheque is payable on sight. Any contrary stipulation shall be considered not written.

2. A cheque presented for payment before the day stated as the date of issue is payable on the day of presentation.

Article 1240

(Time limit for presentation for payment)

1. A cheque issued and payable in Macao must be presented for payment within eight days.

2. A cheque issued abroad and payable in Macao must be presented within a period of 20 or of 70 days, according to whether the place of issue and the place of payment are situated in this or in other parts of the world.

3. The time limits mentioned above shall run from the date indicated on the cheque as the date of issue.

Article 1241

(Date of issue in case of discrepancy of calendars)

If a cheque is drawn in one place and is payable in another that has a different calendar, the day of issue shall be the corresponding day of the calendar in the place of payment.

Article 1242

(Presentation to clearing house)

Presentation of a cheque at a clearing house is equivalent to presentation for payment.

Article 1243

(Revocation of cheque)

1. The revocation of a cheque only takes effect after the expiry of the time limit for presentation.

2. If a cheque has not been revoked, the drawee can pay it even after the expiry of the time limit.

Article 1244

(Death or incapacity of drawer)

Death of the drawer or his lack of capacity subsequent to the issue of a cheque do not invalidate its effects.

Article 1245

(Right to return in case of payment)

1. A drawee who pays a cheque can require that it shall be handed to him with a receipt from the holder.

2. The holder cannot refuse partial payment.

3. In case of partial payment the drawee can require that the partial payment shall be mentioned on the cheque and that a receipt shall be given to him.

Article 1246

(Obligation to verify regularity of series of endorsements)

A drawee who pays an endorsable cheque is obliged to verify the regularity of the series of endorsements, but not the signature of the endorsers.

Article 1247

(Currency in which payment should be made)

1. If a cheque is payable in a currency which is not legal tender in the place of payment, the sum payable can, within the time limit for presentation of the cheque, be paid in the currency of the country in which it is presented, according to its value at the date of payment. If payment is not made on presentation, the holder can, by his choice, demand that payment of the amount of the cheque in the currency of the country in which it is presented be made according to the rate on the day of presentation or on the day of payment.

2. The usage of the place of payment shall be applied in determining the value of foreign currency. However, the drawer can stipulate that the sum payable shall be calculated according to a rate indicated in the cheque.

3. The previous rules do not apply to the case in which the drawer has stipulated that payment must be made in a certain specified currency (clause for effective payment in a foreign currency).

4. If the amount of the cheque is specified in a currency having the same denomination, but a different value in the country of issue and the country of payment, reference is deemed to be made to the currency of the place of payment.

SECTION V

CROSSED CHEQUES AND CHEQUES PAYABLE IN ACCOUNT

Article 1248

(Crossed cheque. Types of crossing)

1. The drawer or holder of a cheque can cross it, with the effects stated in the following article.

2. A crossing takes the form of two parallel lines drawn on the face of the cheque; crossing can be general or special.

3. Crossing is general if it consists of the two lines only, or if between the lines the term 'banker' or other equivalent is written; it is special if the name of a banker is written between the lines.

4. A general crossing can be converted into a special crossing, but a special crossing cannot be converted into a general crossing.

5. The cancellation of a crossing or of the name of the banker shall be regarded as not done.

Article 1249

(Payment of crossed cheque)

1. A cheque with a general crossing can be paid by the drawee only to a banker or to a client of the drawee.

2. A cheque with a special crossing can be paid by the drawee only to the named banker, or if the latter is the drawee, to his client. However, the named banker can use another banker to collect the cheque.

3. A banker can only acquire a crossed cheque from one of his clients or from another banker. He cannot collect it for the account of persons other than the above mentioned.

4. A cheque with various special crossings cannot be paid by the drawee except in case there are two crossings, one of which is for collection through a clearing-house.

5. A drawee or banker who fails to observe the above provisions is liable for the resulting damage up to the amount of the cheque.

Article 1250

(Cheque payable in account)

1. The drawer or the holder of a cheque can prohibit its payment in cash by writing transversally across the face of the cheque the words 'payable in account' or an equivalent expression.

2. In such case the cheque can only be settled by the drawee by means of book-entry (credit in account, transfer from one account to another, or compensation). Payment by book-entry is equivalent to payment.

3. Any cancellation of the words 'payable in account' shall be deemed not done.

4. A drawee who does not observe the above provisions is liable for the resulting damage up to the amount of the cheque.

SECTION VI

ACTION FOR NON-PAYMENT

Article 1251

(Refusal of payment. Recourse for non-payment)

A holder can exercise his right of recourse against endorsers, the drawer, and other liable parties if the cheque presented in due time is not paid, and if the refusal to pay is evidenced:

a) by a formal act (protest); or

b) by a declaration dated and written by the drawee on the cheque, indicating the day of presentation; or

c) by a dated declaration made by a clearing-house, stating that the cheque has been delivered in due time and has not been paid.

Article 1252

(Protest for non-payment)

1. A protest or an equivalent declaration must be made before the expiry of the time limit for presentation.

2. If a cheque is presented on the last day of the time limit, the protest or the equivalent declaration can be drawn up on the first following business day.

Article 1253

(Notice of non-payment)

1. A holder must give notice of non-payment to his endorser and to the drawer within the four business days following the day on which the protest or the equivalent declaration is drawn up or, in case of a stipulation 'no expenses', the day of presentation. Each endorser must, within the two business days following the day on which he receives notice, inform his endorser of the notice which he has received, mentioning the names and addresses of those who have given the previous notices, and so on through the series until the drawer is reached. The time limits mentioned above run from the receipt of the preceding notice.

2. If, in conformity with the previous paragraph, notice is given to a person who has signed a cheque, the same notice must be given within the same time limit to his giver of 'aval'.

3. If an endorser has not indicated his address, or has specified it in an illegible manner, it is sufficient if notice is given to the endorser preceding him.

4. The person who must give notice can give it in any form, even by merely returning the cheque.

5. Such person must prove that he has given notice within the time limit prescribed. This time limit shall be regarded as having been observed if a letter giving the notice has been posted within it.

6. A person who does not give notice within the time limit prescribed above does not forfeit his rights. He shall be liable for damage, if any, caused by his negligence, but the amount of his liability shall not exceed the amount of the cheque.

Article 1254

(Clause dispensing protest)

1. The drawer, an endorser, or a giver of 'aval' can, by the clause 'no expenses', 'no protest', or any other equivalent clause, release the holder from having a protest or an equivalent declaration drawn up in order to exercise his right of recourse.

2. Such clause does not release the holder from presenting the cheque within the prescribed time limit, or from giving the requisite notices. The burden of proving non-observance of the time limit falls on the person who seeks to invoke it against the holder.

3. If the clause is written by the drawer, it shall produce effect in respect of all persons who have signed the cheque; if it is written by an endorser or a giver of 'aval', it shall produce effect only in respect of such endorser or giver of 'aval'. If, in spite of the clause written by the drawer, the holder has the protest or the equivalent declaration drawn up, he must bear its expenses. If the clause emanates from an endorser or giver of 'aval', the costs of the protest or equivalent declaration, if drawn up, can be recovered from all persons who have signed the cheque.

Article 1255

(Joint and several liability of signatories)

1. All persons liable on a cheque are jointly and severally liable towards the holder.

2. The holder has a right to proceed against all such persons, individually or collectively, without the need to observe the order in which they have become bound.

3. The same right is held by any person signing the cheque who has paid it.

4. Proceedings against one of the parties liable do not prevent proceedings against the others, even though such other parties may be subsequent to the party first proceeded against.

Article 1256

(Rights of holder against a person proceeded against)

A holder can claim from the party against whom he exercises his right of recourse:

a) the unpaid amount of the cheque;

b) interest on such amount, at a rate of 6%, from the date of presentation;

c) the expenses of the protest or equivalent declaration, and of notices given, as well as other expenses.

[Portuguese version as amended by Law no. 6/2000, of April 27]

Article 1257

(Rights of person who paid)

A party who has paid a cheque can recover from the parties liable towards him:

a) the entire sum he has paid;

b) interest at a rate of 6%, from the day on which he paid;

c) any expenses which he has incurred.

[Portuguese version as amended by Law no. 6/2000, of April 27]

Article 1258

(Right to delivery of paid cheque)

1. Any liable party against whom a right of recourse is or can be exercised can require, against its payment, that the cheque shall be handed to him, with the protest or equivalent declaration and a receipt.

2. Any endorser who has paid a cheque can cancel his own endorsement and those of subsequent endorsers.

Article 1259

(Extension of time limits in case of force majeure)

1. If the presentation of a cheque or the drawing up of a protest or the making of the equivalent declaration within the prescribed time limit is prevented by an insurmountable cause (legal provisions by any State or other case of force majeure), such time limits shall be extended.

2. The holder shall immediately give notice of the force majeure to his endorser, and make a dated and signed declaration of this notice, on the cheque or on an attached slip; in other respects the provisions of article 1253 shall apply.

3. Provided that the case of force majeure has ceased, the holder must without delay present the cheque for payment and, if there is cause for such, draw up a protest or an equivalent declaration.

4. If the case of force majeure continues after 15 days after the date on which the holder, even before the expiry of the time limit for presentation, has given notice of the case of force majeure to his endorser, recourse can be exercised and neither presentation, nor a protest, nor an equivalent declaration is needed.

5. Facts which are purely personal to the holder or to the person whom he has entrusted with the presentation of the cheque or the drawing up of the protest or of the equivalent declaration are not deemed to constitute force majeure.

SECTION VII

PARTS OF A SET

Article 1260

(Admissibility of various parts)

1. With the exception of bearer cheques, any cheque issued in one country and payable in another can be drawn in a set of identical parts.

2. If a cheque is issued as a set of parts, each part must be numbered in the body of the instrument itself; in lack of such, each part shall be deemed to be a separate cheque.

Article 1261

(Effect of payment of one part)

1. Payment made on one part operates as a discharge, even if there is no stipulation that such payment shall annul the effect of the other parts.

2. An endorser who has transferred parts to various persons, and also the endorsers subsequent to him, shall be liable for all the parts bearing their signature which have not been returned.

SECTION VIII

AMENDMENTS

Article 1262

(Consequences of amendment of text)

In case of amendment of the text of a cheque, parties who have signed subsequent to such amendment shall be bound according to the terms of the amended text; parties who have signed before the amendment are bound according to the terms of the original text.

SECTION IX

LIMITATION OF ACTIONS

Article 1263

(Time limits)

1. All actions by the holder against the endorsers, the drawer and the other liable parties are barred after six months, counted from the expiry of the time limit set for presentation.

2. Actions by a party liable for the payment of a cheque against other such parties are barred after six months, counted from the day on which the party liable has paid the cheque, or the day on which legal proceedings against him were initiated.

Article 1264

(Effect of interruption of period of limitation)

Interruption of the period of limitation only produces effect against the person for whom the period has been interrupted.

SECTION X

GENERAL PROVISIONS

Article 1265

(Meaning of word banker)

In this law the word 'banker' includes persons or institutions assimilated by the law to bankers.

Article 1266

(Extension of time limits ending on a legal holiday)

1. Presentation for payment and protest can only be done on a business day.

2. If the last day of the time limit prescribed by the law for performing acts relating to a cheque, and especially for presentation, or for the drawing up of a protest or an equivalent declaration, is a legal holiday, the time limit is extended until the first business day following the expiry of such time limit. Intermediate holidays shall be included in counting time limits.

Article 1267

(Counting of time limit)

The time limits foreseen in this Chapter shall not include the day on which the period begins.

Article 1268

(Inadmissibility of days of grace)

No days of grace, whether legal or judicial, shall be permitted.


^ ] Commercial Code - Table of Contents ] Commercial Code - Table of Article ] Decree-Law no. 40/99/M ] Commercial Code - Art. 1 - 100 ] Commercial Code - Art. 101 - 200 ] Commercial Code - Art. 201 - 300 ] Commercial Code - Art. 301 - 400 ] Commercial Code - Art. 401 - 500 ] Commercial Code - Art. 501 - 600 ] Commercial Code - Art. 601 - 700 ] Commercial Code - Art. 701 - 800 ] Commercial Code - Art. 801 - 900 ] Commercial Code - Art. 901 - 1000 ] Commercial Code - Art.1001 - 1100 ] Commercial Code - Art. 1101 - 1200 ] [ Commercial Code - Art. 1201 - 1268 ]


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