43Ratification of pre-incorporation contracts

43 Ratification of pre-incorporation contracts (b) the association is incorporated within a reasonable time after the contract is purported to have been entered into; the incorporated association may, within a reasonable time after its incorporation, ratify the contract. (2) If an incorporated association ratifies a contract as provided for in subsection (1), the association is bound by, and is entitled to the benefit of, the contract as if the association had been incorporated before the contract was entered into and had been party to the contract. (3) For this division, a contract may be ratified by an incorporated association in the same manner as a contract may be entered into by an incorporated association under section 47, and section 47 has effect as if— (a) a reference in that section to entering into a contract included a reference to ratifying a contract; and (b) the reference in section 56 to a contract executed, or purporting to have been executed, under the common seal (if any) of an incorporated association included a reference to a contract ratified, or purporting to have been ratified, under the common seal (if any) of an incorporated association.