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: 1*** and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday.

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Footnote -

1. 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).

2. Subs by the A.O. 1937, for L.G.