| (1) |
Where a cheque bears boldly across its face the words 'not transferable' or 'non-transferable', either with or without the word 'only' after the payee's name— |
| (a) |
the cheque shall not be transferable but shall be valid as between the parties thereto; |
| (b) |
the cheque shall be deemed to be crossed generally, unless it is crossed specially; and |
| (c) |
the words 'not transferable or 'non-transferable' may not be cancelled and any purported cancellation shall be of no effect. |
| (2) |
A bank shall not be negligent by reason only of its failure to concern itself with— |
| (a) |
an indorsement intended to prevent transfer of the cheque; or |
| (b) |
words prohibiting transfer, or indicating an intention that it shall not be transferable, other than in the manner provided for in this section. |
[Section 75A inserted by section 33 of Act 56 of 2000.]
Older Persons Act, 2006
