1. The bearer of a bill of exchange shall notify its drawer and his endorser of the non-acceptance or non-payment thereof within the (4) four business days following the date of protest, or the date on which it is presented for acceptance or payment if it contains the stipulation for recourse without costs. Every endorser shall, within the two business days following his receipt of the notice, be bound to notify in his turn his endorser of his receipt of such notice, giving him the names and addresses of the previous notifying persons, and so on from one endorser to another up to the drawer. The time limit shall, vis-a-vis each endorser, commence from the date on which he received the notice from his previous endorser. 2. Where one of the signatories has been notified on the bill of exchange itself, pursuant to Clause (1) above, it shall also be compulsory to notify the giver of aval on the same date. 3. Where one of the endorsers has failed to state his address or has stated it in an illegible manner, it shall be sufficient to notify his previous endorser. 4. Any person who is bound to serve the notice may perform it in any manner whatsoever, even by returning the bill of exchange itself. 5. The person who is bound to send the notice shall prove that he did so within the time limit prescribed therefor; and such time limit shall be deemed to be observed if he delivered the registered letter containing the notice to the Post Authority within the said time limit. 6. The person who is bound to serve the notice shall not forfeit his rights if he fails to do so within the prescribed time limit, but he shall be required, if applicable, to compensate the damage arising from his negligence; provided that the compensation shall not exceed the sum of the bill of exchange.
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