BILLS OF EXCHANGE . [ 9 of 1885. ] 727
( 2. ) As between immediate parties, and as regards a remote
party other than a holder in due course, the delivery
( a .) In order to be effectual must be made either by or
under the authority of the party drawing, accepting,
or indorsing, as the case may be :
( 1. ) May be shown to have been conditional or for a special
purpose only, and not for the purpose of transfer
ring the property in the bill.
But if the bill be in the hands of aa holder in due course a
valid delivery of the bill by all parties prior to him so as to
make them liable to him is conclusively presumed.
( 3. ) Where aa bill is no longer in the possession of a party
who has signed it as drawer, acceptor, or indorser, a valid and
unconditional delivery by linn is presumed until the contrary
is proved .
Capacity and authority of parties .
22. ( 1.) Capacity to incar liability as a party, to a bill is parties.
Capacity of
co-extensive with capacity to contract.
Provided that nothing in this section shall enable a corpora
tion to make itself liable as drawer, acceptor, or indorser of a
bill unless it is competent to it so to do under the law for the
time being in force relating to corporations.
( 2. ) Where a bill is drawn or indorsed by an infant, minor,
or corporation having no capacity or power to incur liability
on a bill , the drawing or indorsement entitles the holder to
receive payment of the bill, and to enforce it against any other
party thereto.
Signature
23. No person is liable as drawer, indorser, or acceptor of a essential to
bill who has not signed it as such : provided that liability.
( 1. ) Where a person signs a bill in aа trade or assumed name,
he is liable thereon as if he had signed it in his own name :
( 2. ) The signature of the name of aa firm is equivalent to the
signature by the person so signing of the names of all persons
liable as partners in that firm .
24. Subject to the provisions of this ordinance, where a Forged or
signature on a bill is forged or placed thereon without the unauthorised
authority of the person whose signature it purports to be, the signature.
forged or unauthorised signature is wholly inoperative, and no
right to retain the bill or to give a discharge therefor or to
enforce payment thereof against any party thereto can be
acquired through or under that signature , unless the party