Question 94.— A by-law of a municipal corporation authorizes borrowings from the bank repayable on or before 15th December. The note tendered is made payable on 15th December. With the three days' grace this makes the amount payable on 18th December. If we discount the note can the loan be said to be made strictly within the terms of the by-law ?

Answer.—If the by-law provides that a note shall be given for the amount borrowed thereunder, payable on or before 15th December, we think a note payable on 15th December is in order. The Bills of Exchange Act would recognize that as " the time of payment" fixed by the note, while making it " due and payable" on the 18th December.

We are in any case of opinion that the irregularity, if one can be said to exist, would not invalidate the lender's claim.