(1) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty.
(2) A bill may be made payable to 2 or more payees jointly, or it may be made payable in the alternative to one of 2 or one or some of several payees. A bill may also be made payable to the holder of an office for the time being.
(3) Where the payee is a fictitious or non-existing person, the bill may be treated as payable to bearer.