Capacity of parties

(1) Capacity to incur liability as a party to a bill is co- extensive with capacity to contract. (2) Nothing in this section shall enable a corporation to make itself liable as drawer, acceptor or endorser of a bill unless it is competent for it to do so under the law for the time being in force relating to corporations. (3) Where a bill is drawn or indorsed by an infant, minor or corporation having no capacity or power to incur liability on a bill, the drawing or endorsement entitles the holder to receive payment of the bill, and to enforce it against any other party thereto.