138 THE HONGKONG GOVERNMENT GAZETTE, 14TH FEBRUARY, 1885.
5. (1.) A bill may be drawn payable to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee.
(2.) Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.
6. (1.) The drawee must be named or otherwise indi- cated in a bill with reasonable certainty.
(2.) A bill may be addressed to two or more drawcos whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more draweos in succession is not a bill of exchange.
7. (1.) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reason- able certainty.
(2.) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being. (3.) Where the payee is a fictitious or non-existing person the bill may be treated as payable to bearer.
8. (1.) When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not nego- tiable.
(2.) A negotiable bill may be payable either to order or to bearer.
(3.) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4.) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a parti- cular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5.) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.
9. (1.) The sum payable by a bill is a sum certain within the meaning of this Ordinance, although it is required to be paid-
(a.) With interest.
(b.) By stated instalments.
(e.) By stated instalments, with a provision that upon default in payment of any instalment the whole shall become due.
(d) According to an indicated rate of exchange or according to a rate of exchange to be ascer- tained as directed by the bill.
(2.) Where the sun payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof,
10. (1.) A bill is payable on demand-
(a) Which is expressed to be payable on demand, or
at sight, or ou presentation; or
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(3.) In which no time for payment is expressed. (2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.
11. A bill is payable at a determinable future time within the meaning of this Ordinance which is expressed to be payable-
(1.) At a fixed period after date or sight.
(2.) On or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncer-
tain.
An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.