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Section 46 – The Companies Act,1956

The Companies Act, 1956

46. Form of contracts.

(1) Contracts on behalf of a company may be made as follows:

(a)a contract which, if made between private persons, would by law be required to be in writing signed by the parties to be charged therewith, may be made on behalf of the company in writing signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged;

(b)a contract which, if made between private persons, would by law be valid although made by parole only and not reduced into writing, may be made by parole on behalf of the company by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.

(2) A contract made according to this section shall bind the company.

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The Companies Act, 1956

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