Section 25. Public holiday, Saturday or Sunday in contractual obligations; extension of time where performance of act authorized or required by contract is due on Saturday, Sunday or public holiday  


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  • 1. Where a
      contract by its terms authorizes or requires the payment of money or the
      performance of a condition on a Saturday, Sunday or a public holiday, or
      authorizes or requires the payment of money  or  the  performance  of  a
      condition  within  or  before  or after a period of time computed from a
      certain day, and such period of time ends on a  Saturday,  Sunday  or  a
      public  holiday,  unless the contract expressly or impliedly indicates a
      different intent, such payment may be made or condition performed on the
      next succeeding business day, and if the  period  ends  at  a  specified
      hour,  such payment may be made or condition performed, at or before the
      same hour of such next succeeding business day, with the same force  and
      effect  as  if  made  or  performed  in accordance with the terms of the
      contract.
        2. Where time is extended by virtue of the provisions of this section,
      such extended time shall not be included in the computation of  interest
      unless  the  contract  so  provides,  except  that  when  the  period is
      specified as a number of months, such extended time shall be included in
      the computation of interest unless the contract otherwise provides.
        3. Notwithstanding any other provision of law, all time  deposits  and
      certificates  of  deposit  of  banking  organizations  that  mature on a
      Saturday, Sunday or bank holiday shall continue to  accrue  interest  at
      the same rate fixed for the term of the deposit or certificate until the
      first  banking  day  next  succeeding the date of maturity, at which the
      principal and all accrued  interest  may  be  withdrawn,  unless  sooner
      withdrawn by the depositor.