Companies Act, 1973 (Act No. 61 of 1973)Chapter IV: Formation, Objects, Capacity, Powers, Names, Registration and Incorporation of CompaniesIncidental Matters69. Contracts by companies |
| 1) | Contracts on behalf of a company may be made as follows: |
| a) | Any contract which if made between individual persons would by law be required to be in writing signed by the parties to be charged therewith may be made on behalf of the company in writing signed by any person acting under its authority, expressed or implied, and may in the same manner be varied or discharged; |
| b) | any contract which if made between individual persons would by law be valid though made orally only and not reduced to writing, may be made orally on behalf of the company by any person acting under its authority, expressed or implied, and may in the same manner be varied or discharged. |
| 2) | All contracts made in accordance with this section shall be effectual in law and shall bind the company and its successors and all other parties thereto. |