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For computing the "eighth day" repayment deadline in Section 17A, the SCRA prescribes a specific treatment for intervening public holidays under the Negotiable Instruments Act, 1881. What is that treatment?
Answer & Solution
Correct answer: C.
1. Section 17A computes the eighth day with reference to the Negotiable Instruments Act, 1881.
2. Any intervening day which is a public holiday under that Act is disregarded in the count.
3. If the eighth day itself is a public holiday, the first non-holiday after it is substituted.
4. The Act does not treat holidays as working days or extend by seven calendar days uniformly.
5. The general-meeting rule plays no role in this computation.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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