SEC. 1458. BY WHOM.-Protest can be made by- SEC. 1459. WHEN TO BE MADE.-When a bill is protested, such protest must be made on the day of its dishonor, unless delay is excused as herein provided. When a bill has been duly noted, the protest may be subsequently extended as of the date of the noting. -by whom made. -when made. SEC. 1460. WHERE MADE.-A bill must be protested at the place where made. where it is dishonored, except that when a bill drawn payable at the place of business or residence of some person other than the drawee has been dishonored by nonacceptance it must be protested for nonpayment at the time when it is expressed to be payable, and no further presentment for payment to or demand on the drawee is necessary. Protest for non SEC. 1461. BILL MAY BE PROTESTED FOR BOTH NONACCEPTANCE AND NONPAYMENT. A bill which has been protested for nonacceptance may acceptance and be subsequently protested for nonpayment. nonpayment. Protest for bet SEC. 1462. PROTEST FOR BETTER SECURITY.-Where the acceptor has been adjudged a bankrupt or an insolvent, or has made an assignment ter security. for the benefit of creditors, before the bill matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. When dispensed SEC. 1463. WHEN DISPENSED WITH.-Protest is dispensed with by any circumstances which would dispense with notice of dishonor. with. Delay in noting or protesting is excused when delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct, or negligence. When the cause of delay ceaзes to operate the bill must be noted or protested with reasonable diligence. SEC. 1464. WHEN BILL LOST, AND SO FORTH.-Where a bill is lost or destroyed or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. When bill lost. Acceptance for -when made. SEC. 1465. ACCEPTANCE FOR HONOR.-Where a bill of exchange has been protested for dishonor by nonacceptance or protested for better honor. security and is not overdue, any person not being a party already liable thereon may, with the consent of the holder, intervene and accept the bill supra protest for the honor of any party liable thereon or for the honor of the person for whose account the bill is drawn. The acceptance for honor may be for part only of the sum for which the bill is drawn, and where there has been an acceptance for honor for one party there may be a further acceptance by a different person for the honor of another party. SEC. 1466. An acceptance for honor supra protest must be in writ ing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor. -how made. SEC. 1467. Where an acceptance for honor does not expressly state When deemed for whose honor it is made it is deemed to be an acceptance for the for honor of the honor of the drawer. drawer. SEC. 1468. LIABILITY OF ACCEPTOR FOR HONOR.-The acceptor for Liability of achonor is liable to the holder and to all parties to the bill subsequent to ceptor. the party for whose honor he has accepted. SEC. 1469. The acceptor for honor by such acceptance engages that Agreement of ac he will on due presentment pay the bill according to the terms of his ceptor. acceptance, provided it shall not have been paid by the drawee, and provided, also, that it shall have been duly presented for payment and protested for nonpayment and notice of dishonor given to him. SEC. 1470. Where a bill payable after sight is accepted for honor Maturity of bill its maturity is calculated from the date of the noting for nonacceptance payable after and not from the date of the acceptance for honor. sight. SEC. 1471. Where a dishonored bill has been accepted for honor supra protest, or contains a reference in case of need, it must be Protest. Presentment for payment to acceptor, how made. -excused, when. Must be protested for nonpay ment. Payment for honor. -who may make. -how made. Declaration payment honor. of for protested for nonpayment before it is presented for payment to the acceptor for honor or referee in case of need. SEC. 1472. Presentment for payment to the acceptor for honor must be made as follows: First. If it is to be presented in the place where the protest for nonpayment was made it must be presented not later than the day following its maturity. Second. If it is to be presented in some other place than the place where it was protested, then it must be forwarded within the time specified in section fourteen hundred and eight. SEC. 1473. EXCUSED, WHEN.-The provisions of section thirteen hundred and eighty-five apply where there is delay in making presentment to the acceptor for honor or referee in case of need. SEC. 1474. MUST BE PROTESTED FOR NONPAYMENT.-When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him. SEC. 1475. PAYMENT FOR HONOR.-Where a bill has been protested for nonpayment any person may intervene and pay it supra protest for the honor of any person liable thereon, or for the honor of the person for whose account it was drawn. SEC. 1476. The payment for honor supra protest, in order to operate as such and not as a mere voluntary payment, must be attested by a notarial act of honor, which may be appended to the protest or form an extension to it. SEC. 1477. The notarial act of honor must be founded on a declaration made by the payer for honor, or by his agent in that behalf, declaring his intention to pay the bill for honor and for whose honor he pays. SEC. 1478. Where two or more persons offer to pay a bill for the parties offering to honor of different parties the person whose payment will discharge most parties to the bill will be given the preference. Preference to pay. Effect on sub SEC. 1479. Where a bill has been paid for honor all parties subsesequent parties quent to the party for whose honor it is paid are discharged; but the where bill paid for payer for honor is subrogated for and succeeds to both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter. honor. Where holder refuses to receive SEC. 1480. Where the holder of a bill refuses to receive payment payment supra supra protest he loses his right of recourse against any party who would have been discharged by such payment. protest. Rights of payer for honor. Bills in sets. -constitute one bill. Where parts holders. SEC. 1481. The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest. SEC. 1482. BILLS IN A SET.-Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitute one bill. SEC. 1483. WHERE PARTS COME TO DIFFERENT HOLDERS.—Where come to different two or more parts of a set are negotiated to different holders in due course the holder whose title first accrues is, as between such holders, the true owner of the bill. But nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him. Liability of dorses two or more SEC. 1484. Where the holder of a set indorses two or more parts holder who in- to different persons he is liable on every such part, and every indorser parts to different subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills. persons. Acceptance. SEC. 1485. How ACCEPTED AND LIABILITY OF ACCEPTOR.-The acceptance may be written on any part, and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill. SEC. 1486. When the acceptor of a bill drawn in a set pays it without Payment by acrequiring the part bearing his acceptance to be delivered up to him, and ceptor. that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon. SEC. 1487. Except as herein otherwise provided, where any one part Effect of dis of a bill drawn in a set is discharged by payment or otherwise the charging one set. whole bill is discharged. Promissory Definitions. SEC. 1488. PROMISSORY NOTES AND CHECKS.-A negotiable promissory note, within the meaning hereof, is an unconditional promise in notes and checks. writing, made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order it is not complete until indorsed by him. -promissory notes. SEC. 1489. A check is a bill of exchange drawn on a bank payable check. on demand. Except as herein otherwise provided, the provisions hereof applicable to a bill of exchange payable on demand apply to a check. SEC. 1490. WHEN CHECK MUST BE PRESENTED FOR PAYMENT. -A -when check check must be presented for payment within a reasonable time after must be presented for payment. its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay. SEC. 1491. CERTIFYING CHECK.-Where a check is certified by the bank on which it is drawn the certification is equivalent to an acceptance. -certifying check, effect. SEC. 1492. DRAWER AND INDORSERS DISCHARGED.-Where the -procured by holder of a check procures it to be accepted or certified the drawer holder, effect. and all indorsers are discharged from liability thereon. SEC. 1493. CHECK NOT AN ASSIGNMENT OF FUNDS. A check of Check not an asitself does not operate as an assignment of any part of the funds to signment of funds. the credit of the drawer with the bank, and the bank is not liable to the holder unless and until it accepts or certifies the check. CHAPTER FORTY-SEVEN. PARTNERS. Partners. SEC. 1494. COMPOSITION WITH CREDITORS ON DISSOLUTION.-Where Composition a partnership is dissolved, by mutual consent or otherwise, any partner with individual may make a separate composition or compromise with any creditor of member of a firm. the partnership; and such composition or compromise shall be a full and effectual discharge to the debtor who makes the same, and to him only, of and from all and every liability to the creditor with whom the same is made, according to the terms thereof. SEC. 1495. Every such debtor who makes such composition or compromise may take from the creditor with whom he makes the same a note or memorandum, in writing, exonerating him from all and every individual liability incurred by reason of his connection with the partnership, which note or memorandum may be given in evidence by such debtor, in bar of such creditor's right of recovery against him; and if such liability be by judgment, then, on the production and filing with the clerk of the notes or memorandum, the clerk shall enter the judgment as released by the plaintiff as far as the compromising debtor is concerned. SEC. 1496. Such compromise or composition with an individual member of a firm shall not be held to discharge the other partners, nor shall it impair the right of the creditor to proceed against such members of the partnership as have not been discharged; and the members of the partnership so proceeded against shall be permitted to set off any demand against the creditor which could have been set off had the suit been brought against all the individuals composing the firm. -memorandum exonerating partner from liability. -other partners not discharged, etc. Nor shall the compromise or discharge of an individual member of a firm prevent the other members of the firm from availing themselves of any defense that would have been available had this chapter not been passed, except that they shall not set up the discharge of one individual as a discharge of the other partners, unless it appear that all were intended to be discharged; but the discharge of any such partner shall be deemed a payment to the creditor equal to the proportionate interest of the partner discharged in the partnership concern. -partner's lia- SEC. 1497. Such compromise or composition of a member of a firm bility for partner- with a creditor of such firm shall in no wise affect the right of the other ship debts. partners to call on the member who makes it for his ratable proportion of any partnership debt which they may be compelled to pay. Limited partnerships. -of whom composed. Number of special partners. -liability. Certificate of. Acknowledg ing. SEC. 1498. LIMITED PARTNERSHIPS.-Limited partnerships for the transaction of any mercantile, mechanical, or manufacturing business within the District may be formed by two or more persons upon the terms, with the rights and powers, and subject to the conditions and liabilities prescribed in this chapter. SEC. 1499. Such partnership may consist of one or more persons, who shall be called general partners and who shall be jointly and severally responsible as general partners are by law, and of one or more persons who shall contribute, in actual cash payments, a specific sum as capital to the common stock, who shall be called special part ners. SEC. 1500. NUMBER. The number of special partners shall in no partnership exceed six. SEC. 1501. LIABILITY.-The special partners shall not be liable for the debts of the partnership beyond the fund contributed by them to the capital. SEC. 1502. CERTIFICATE TO BE SIGNED.-Persons desirous of forming a limited partnership shall make and severally sign a certificate, which shall contain First. The name or firm under which such partnership is to be conducted. Second. The general nature of the business intended to be transacted. Third. The names of all the general and special partners interested therein, distinguishing which are general and which are special partners, and their respective places of residence. Fourth. The amount of capital which each special partner shall have contributed to the common stock. Fifth. The period at which the partnership is to commence and the period at which it is to terminate. SEC. 1503. ACKNOWLEDGMENT AND RECORDING.-The certificate shall ment and record-be acknowledged by the several persons signing the same before a judge of any court in the District, or before any notary public, and such acknowledgments shall be made and certified in the same manner as the acknowledgments of deeds of land, and when so acknowledged and certified shall be filed in the office of the clerk of the supreme court of the District, and shall be recorded by him at large in a book kept for that purpose, open to public inspection. Affidavits. SEC. 1504. AFFIDAVITS.-At the time of filing the original certificate, with the evidence of the acknowledgment thereof, as directed in the preceding section, an affidavit of one or more of the general partners shall also be filed therewith in the same office, stating that the sums specified in the certificate to have been contributed by each of · the special partners to the common stock have been actually and in good faith paid in cash. Partnership SEC. 1505. No such partnership shall be deemed to have been formed formed only after until a certificate shall have been made, acknowledged, filed, and filing, etc., certifi- recorded, nor until an affidavit shall have been made and filed, as directed by the three preceding sections. cate, etc. SEC. 1506. FALSE STATEMENTS. If any false statement, not the False statements result of accident or mistake, shall be made in the certificate or affi- in certificate. davit required by the preceding sections of this chapter, all the persons interested in the partnership shall be liable for all the engagements of such partnership as general partners. SEC. 1507. PUBLICATION. The partners shall publish the terms of the partnership, when registered, three times a week for at least four weeks immediately after such registry in two newspapers to be designated by the clerk of the supreme court of the District, the first publication to appear within one week after the registry. SEC. 1508. If the publication prescribed in the preceding section be not made, the partnership shall be deemed general. Publication. -effect want of publication. Affidavits of SEC. 1509. The affidavits of the publication of the notice required by section fifteen hundred and seven by the editor or publishers of the publication. newspapers in which the same shall have been published shall be filed with the clerk directing the same, and shall be prima facie evidence of the facts therein contained, the affidavit of any one editor or publisher of each newspaper being sufficient. Renewal of SEC. 1510. RENEWAL OF PARTNERSHIP.-Every renewal or continuance of a partnership beyond the time originally fixed for its duration partnership to be shall be certified, acknowledged, and recorded, and an affidavit of a certified, etc. general partner be made and filed, and notice be given in the manner required by the provisions of this chapter for its original formation. SEC. 1511. Every partnership which shall be renewed and continued otherwise than as provided in this chapter shall be deemed a general deemed a general partnership. partnership. What shall be a -otherwise SEC. 1512. WHAT SHALL BE A DISSOLUTION.-Every alteration which shall be made in the names of the partners, in the nature of the busi- dissolution. ness, or in the capital or shares thereof, or in any other matter specified in the original certificate, shall be deemed a dissolution of the partnership. Effect of certain SEC. 1513. EFFECT OF CERTAIN ACTS.-Every partnership which shall in any manner be carried on after any such alteration shall have acts. been made shall be deemed a general partnership, unless renewed as a special partnership under the provisions of section fifteen hundred and ten. SEC. 1514. NAME TO BE USED. The business of the partnership Name to be used. may be conducted under the name of any one or more of the general partners, and with or without the addition of the word Co. or company, as the parties may determine. What names to SEC. 1515. WHAT NAMES TO BE USED IN SUITS.-In any action or suit brought on any contract or engagement of the partnership, or to be used in suits. enforce any liability of the same, the general partners whose names shall be used in the firm or business shall be the only necessary defendants; and any judgment or decree recovered against such defendants shall have the same legal effect and operation and execution thereon shall be enforced and have like effect against the partnership assets as if the judgment or decree had been recovered against the general partners. SEC. 1516. If the name of any special partner shall be used in the firm with his privity, he shall be deemed a general partner. SEC. 1517. WHO TO TRANSACT BUSINESS.-The general partners only shall transact the business, and if a special partner shall interfere contrary to this provision he shall be deemed a general partner, but he may from time to time examine into the state and progress of the partnership concerns and advise as to their management. When special deemed general partner. Who to transact business. Withdrawal of SEC. 1518. WITHDRAWAL OF CAPITAL.-No part of the sum which any special partner shall have contributed to the capital stock shall be capital. withdrawn by him or paid or transferred to him in the shape of dividends, profits, or otherwise, during the continuance of the partnership, |