Bills of Exchange Act 1909

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 negotiable.

A negotiable bill may be payable either to order or to bearer.

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.

A bill is payable to order which:

is expressed to be so payable; or

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.

Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to the person or his or her order, it is nevertheless payable to the person or his or her order at his or her option.