284
No. 3 of 1885.
Certainty required as to payee.
What bills are negotiable.
Sum payable, BILLS OF EXCHANGE.
two drawees in the alternative, or to two or more drawees 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 reasonable certainty.
(2) A bill may be 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) Where 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 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 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 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 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;
(c) by stated instalments, with a provision that, upon default in payment of any instalment, the whole shall become due;
284
No. 3 of 1885.
Certainty required as to payee."
What bills.
are
negotiable.
Sum payable,
BILLS OF EXCHANGE.
.
two drawees in the alternative, or to two or more drawees 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 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) Where a bill contains words prohibiting transfer, or indicating an intention that it should not be transfer- able, it is 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 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 particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
7
(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;
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