Such bonds shall have all of the qualities and incidents of negotiable instruments under the law merchant and the applicable provisions of Title 7 and Title 8; except, that they shall not be construed as containing an unconditional promise to pay.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §319.)