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Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter I

Bills of exchange - form and interpretation

5. 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.]