Commonwealth Consolidated Acts

BILLS OF EXCHANGE ACT 1909 - SECT 13

             (1)  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.

             (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:

                     (a)  is expressed to be so payable; or

                     (b)  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 the person or his or her order, it is nevertheless payable to the person or his or her order at his or her option.