32. (1) The drawer of a bill and any endorser may insert therein the name of a person, who shall be called the referee in case of need, to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment.

(2) The holder may, at his option, resort to the referee in case of need or not, as he thinks fit.

R.S., c. B-5, s. 33.