50.(1) Subject to the provisions of this Act relating to restrictive, conditional and qualified indorsement, the indorsement of a negotiable instrument followed by delivery transfers to the indorsee the property therein with the right of further negotiation. (2) An indorsement is restrictive which either-(a) restricts or excludes the right to further negotiate the instrument; or(b) constitutes the indorsee an agent of the indorser to indorse the instrument or to receive its contents for the indorser or for some other specified person: Provided that the mere absence of words implying right to negotiate does not make the indorsement restrictive.Illustrations B signs the following indorsements on different negotiable instruments payable to bearer:- (a) "Pay the contents to C only." (b) "Pay C for my use."(c) “Pay C or order for the account of B.”(d) “The within must be credited to C.” These indorsements exclude the right of further negotiation by C.(e) “Pay C.”(f) “Pay C value in account with the Oriental Bank.”(g) “Pay the contents to C, being part of the consideration in a certain deed of assignment executed by C to the indorser and others.” These indorsements do not exclude the right of further negotiation by C.