11Contracts by Foundation

11 Contracts by Foundation

11 Contracts by Foundation

(1) Contracts on behalf of the Foundation may be made as follows:

(a) a contract that if made between private persons would be by law required to be in writing under seal may be made on behalf of the Foundation in writing under the common seal of the Foundation,

(b) a contract that if made between private persons would be by law required to be in writing signed by the parties to it may be made on behalf of the Foundation in writing signed by any person acting under its express or implied authority,

(c) a contract that if made between private persons would be valid by law although made by parol only (and not reduced into writing) may be made by parol on behalf of the Foundation by any person acting under its express or implied authority.

(2) Any contract made in accordance with subsection (1):

(a) is effectual in law and binds the Foundation and its successors and all other parties to the contract, and

(b) may be varied or discharged in the manner in which it was authorised to be made.

s 11: Subst 2001 No 34, Sch 1.1.