Hong Kong Ordinances

BILLS OF EXCHANGE ORDINANCE - SECT 8

What bills are negotiable

(1) Where 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 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 indorsement, 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. [cf. 1882 c. 61 s. 8
U.K.]