Section 22

Capacity to incur liability as a party to a bill is coextensive with capacity to contract.

Nothing in this section shall enable a corporation to make itself liable as drawer, acceptor, or indorser of a bill unless it is competent to it to do so under the law for the time being in force relating to corporations.

Where a bill is drawn or indorsed by a person below the age of 18 years or a corporation having no capacity or power to incur liability on a bill, the drawing or indorsement entitles the holder to receive payment of the bill, and to enforce it against any other party thereto.