37 Contracts generally

(1) A contract may be entered into by a company as follows —

(a) a contract that, if made between individuals, would by law be
required to be in writing and made by deed or under seal, is validly
entered into by a company as a deed or an instrument under seal if
it is either —

(i) sealed with the common seal of the company and
witnessed by a director of the company or such other
person who is authorised by the memorandum and
articles to witness the application of the company‘s seal;
or

(ii) expressed to be, or is executed on behalf of the company
and expressed to be executed as, or otherwise makes
clear on its face that it is intended to be, a deed and it is
signed by any person acting under the express or implied
authority of the company;

(b) a contract that, if made between individuals, would be required by
law to be in writing and signed by the parties thereto, may be
entered into by or on behalf of the company in writing and signed
by any person acting under the express or implied authority of the
company; and

(c) a contract that, if made between individuals, would be valid
although entered into orally and not reduced to writing, may be
entered into orally by or on behalf of the company by any person
acting under the express or implied authority of the company.

(2) Any contract made according to this section may be varied or discharged
in the same manner as it is authorised by this section to be made.

(3) A contract entered into in accordance with this section is valid and is
binding on the company and its successors and all other parties to the
contract, their heirs, executors or administrators.