57Corporate contracts and transactions not under seal

57 Corporate contracts and transactions not under seal (1) A corporation may make or effect a contract or other transaction: (a) in the case of a contract or transaction which if made or effected by or between individuals is required by law to be in writing and signed by the persons making or effecting it – in writing and signed by a person with its authority (whether express or implied authority); or Law of Property Act 2000 33 (b) in the case of a contract or other transaction which if made or effected by or between individuals may be made by parol – by parol by a person acting with its authority (whether express or implied authority). (2) A contract or other transaction made in accordance with subsection (1): (a) is valid in law; (b) binds: (i) the corporation and its successors; and (ii) all other parties to the contract or transaction; and (c) may be varied or discharged in the same manner as it is made. (3) Nothing in this section prevents a corporation making a contract or other transaction under its seal. (a) applies to the making, effecting, variation or discharge of a contract or other transaction after the commencement of this Act (whether the corporation authorised the person making the contract or transaction before or after that commencement); and (b) applies subject to the Corporations Act 2001 and any other Act which prescribes the manner and form by which a contract or other transaction may be made or effected for or on behalf of a corporation.