Of Negotiation
Section 47 – Negotiation by delivery –
Subject to the provisions of section 58, a promissory note, bill of exchange or cheque payable to bearer is negotiated by deliver thereof.
Exception – A promissory note, bill of exchange or cheque delivered on condition that it is not to take effect except in a certain event is not negotiable (except in the hands of a holder for value without notice of the condition) unless such event happens.