(1) Contracts may be
made by or on behalf of an incorporated association as follows —
(a) a
contract which, if made between natural persons, would be required to be in
writing under seal may be made by the incorporated association under its
common seal;
(b) a
contract which, if made between natural persons, would be required to be in
writing signed by the parties may be made on behalf of the association in
writing by any person acting under its express or implied authority;
(c) a
contract which, if made between natural persons, would be valid although not
in writing signed by the parties may be made orally on behalf of the
association by any person acting under its express or implied authority.
(2) A contract may be
varied or rescinded by or on behalf of an incorporated association in the same
manner as it is authorised to be made.