Section 48:
Negotiation by indorsement.
Subject to the provisions of section 58, a promissory note, bill of
exchange or cheque 1[payable to order], is negotiable by the holder by indorsement and delivery thereof
Notes:
1. Subs. by Act 8 of 1919, s. 4, for payable to the order of a specified person, or to a specified person or order.