te, it may be stipulated expressly in the instrument that such rate shall not be less than or exceed a specified rate of interest, or that the variations are otherwise limited.
8.- If a variable rate does not qualify under paragraph 6 of this article or for any reason it is not possible to determine the numerical value of the variable rate for any period, interest shall be payable for the relevant period at the rate calculated in accordance with paragraph 2 of article 70.
Article 9
1.- An instrument is deemed to be payable on demand:
(a) If it states that it is payable at sight or on demand or on presentment or if it contains words of similar import; or
(b) If no time of payment is expressed.
2.- An instrument payable at a definite time which is accepted or endorsed or guaranteed after maturity is an instrument payable on demand as regards the acceptor, the endorser or the guarantor.
3.- An instrument is deemed to be payable at a definite time if it states that it is payable:
(a) On a stated date or at a fixed period after a stated date or at a fixed period after the date of the instrument;
(b) At a fixed period after sight;
(c) By instalments at successive dates; or
(d) By instalments at successive dates with the stipulation in the instrument that upon default in payment of any instalment the unpaid balance becomes due.
4.- The time of payment of an instrument payable at a fixed period after date is determined by reference to the date of the instrument.
5.- The time of payment of a bill payable at a fixed period after sight is determined by the date of acceptance or, if the bill is dishonoured by non-acceptance, by the date of protest or, if protest is dispensed with, by the date of dishonour.
6.- The time of payment of an instrument payable on demand is the date on which the instrument is presented for payment.
7.- The time of payment of a note payable at a fixed period after sight is determined by the date of the visa signed by the maker on the note or, if his visa is refused, by the date of presentment.
8.- If an instrument is drawn, or made, payable one or more months after a stated date or after the date of the instrument or after sight, the instrument is payable on the corresponding date of the month when payment must be made. If there is no corresponding date, the instrument is payable on the last day of that month.
Article 10
1.- A bill may be drawn:
(a) By two or more drawers;
(b) Payable to two or more payees.
2.- A note may be made:
(a) By two or more makers;
(b) Payable to two or more payees.
3.- If an instrument is payable to two or more payees in the alternative, it is payable to any one of them and any one of them in possession of the instrument may exercise the rights of a holder. In any other case the instrument is payable to all of them and the rights of a holder may be exercised only by all of them.
Article 11
A bill may be drawn by the drawer:
(a) On himself;
(b) Payable to his order.
Section 3
COMPLETION OF AN INCOMPLETE INSTRUMENT
Article 12
1.- An incomplete instrument which satisfies the requirements set out in paragraph 1 of article 1 and bears the signature of the drawer or the acceptance of the drawee, or which satisfies the requirements set out in paragraph 2 of article 1 and paragraph 2 (d) of article 3, but which lacks other elements pertaining to one or more of the requirements set out in articles 2 and 3, may be completed, and the instrument so completed is effective as a bill or a note.
2.- If such an instrument is completed without authority or otherwise than i
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