Section 43: Dishonour by non-acceptance and its consequences.

(1) A bill is dishonoured by non-acceptance-
(a) when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or where an advice is sent through the post office in pursuance of subsection (1) (a) of section 41 of this Act, and acceptance is not obtained within ten days from the time the advice is posted,
(b) when presentment for acceptance is excused and the bill is not accepted.
(2) Subject to the provision of this Act when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and endorsers accrues to the holder, and no presentment for payment is necessary.