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Ch. 31. No. 5.} Bills of Exchange.

5. (1) A bill may be drawn payable to, or to the order of,
the drawer, or it may be drawn pavable 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 a bill of exchange or as
a promissory note.

6. (1) The drawee must be named or otherwise indicated
ina bill with reasonable certainty
(2) A bill may be addressed to two or more drawees
Whether they are partners or not, but an order addressed to
{wo 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 certaty

(2) A bill may be made pavable to two or more payee.
jointly or it may be made pavable in the alternative to one
of two, or one or some of several payee. A bill may also
be made pavable 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 bill contains words prohibiting transfer,
or mdieating an intention that it should not be transferable,
itis valid as between the partie thereto, but is not
negotiable.

(2) A negotiable bill may be pavable either to order or
to bearer.

(3) A bill is pavable to bearer which is expressed to be
so payable, or on which the only or last indorsement is an
indorsement im blank.

(4) A bill is payable to order which is expressed to be
so payable, or whichis 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.