Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IBills of exchange - form and interpretation5. Requirements as to payee |
(1) | If a bill is not payable to bearer, the payee must be named or otherwise indicated with reasonable certainty therein. |
(2) | A bill may be drawn payable— |
(a) | to two or more payees jointly; |
(b) | to one of two, or one or some of several, payees, in the alternative; or |
(c) | to the holder of an office. |
(3) | If the payee is a fictitious or non-existing person, or a person not having capacity to contract, the bill may be treated as payable to bearer. |
[Sub-section (3) substituted by section 2 of Act 56 of 2000.]