BILLS OF EXCHANGE . 9 OF 1885. 723
( 3. ) Where the payee is a fictitious or non -existing person
the bill may be treated as payable to bearer.
8. ( 1. ) Where a bill contains words prohibiting transfer, or are
Whatnegoti
bills
indicating an intention that it should not be transferable, it is able
a . cuoti
valid as between the parties thereto, but is not negotiable.
( 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 indorse
ment 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 particular
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 sui payable by a bill is a sum certain within sum payable.
the meaning of this ordinance, although it is required to be
paid
( a . ) With interest .
( 6. ) By stated instalments.
( c. ) By stated instalments , with a provision that upon
default in payment of any instalınent the whole
shall become due.
( d .) According to an indicated rate of exchange or accord
ing to a rate of exchange to be ascertained as
directed by the bill .
( 2. ) Where the sum 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 aa 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 Bill payable
on demand .
( a. ) Which is expressed to be payable on demand, or at
sight, or on presentation ; or
( 6. ) 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 ,