50Statutory corporations

#### 50 Statutory corporations 50 Statutory corporations > > (1) A statutory corporation— > > > > > (a) has perpetual succession, > > > > > (b) shall have a seal, > > > > > (c) may take proceedings and be proceeded against in its corporate name, > > > > > (d) may, for the purpose of enabling it to exercise its functions, purchase, exchange, take on lease, hold, dispose of and otherwise deal with property, and > > > > > (e) may do and suffer all other things that bodies corporate may, by law, do and suffer and that are necessary for, or incidental to, the exercise of its functions. > > > (2) The seal of a statutory corporation (being a corporation that has 2 or more members) shall be kept by the president, chairperson or other principal officer of the corporation and shall be affixed to a document only— > > > > > (a) in the presence of at least 2 members of the corporation, and > > > > > (b) with an attestation by the signatures of those members of the fact of the affixing of the seal. > > > (3) Every document requiring authentication by a statutory corporation may be sufficiently authenticated without the seal of the corporation— > > > > > (a) in the case of a corporation that has 2 or more members—if it is signed by the president, chairperson or other principal officer of the corporation or by any member of the staff of the corporation authorised to do so by the president, chairperson or other principal officer, > > > > > (b) in the case of a corporation sole—if it is signed by the person by whom the corporation is constituted or by any member of the staff of the corporation authorised to do so by that person, or > > > > > (c) in the case of a corporation that has no members—if it is signed by the person for the time being managing the affairs of the corporation or by any member of the staff of the corporation authorised to do so by that person. > > > (4) This section applies to a statutory corporation in addition to, and without limiting the effect of, any provision of the Act by or under which the corporation is constituted.