Section 8: What bills are negotiable.

(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 endorsement is an endorsement in blank.
(4) A bill is payable to order which is expressed to be so payable or which 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 endorsement is expressed to be payable to the order of a specified person and not to him or his order, it is nevertheless payable to him or his order at his option.