Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 227

227 Corporate contracts and transactions not under seal

(1) Contracts and other transactions may be made or effected by any body corporate, wherever incorporated, as follows—

(a) a contract or other transaction which if made or effected by or between individuals would by law be required to be in writing, signed by the party to be charged with it or effecting the same, may be made by the corporation in writing signed by any person under its authority, express or implied; and

(b) a contract or other transaction, which if made or effected by or between individuals would by law be valid although made by parol only, and not reduced to writing, may be made by parol by the corporation by any person acting under its authority, express or implied.

(2) A contract or other transaction made or effected under this section shall be effective in law, and shall bind the corporation and the corporation’s successors and all other parties to the contract or other transaction.

(3) A contract or other transaction made or effected under this section may be varied or discharged in the same manner in which it is by this section authorised to be made or effected.

(4) Nothing in this section shall be taken to prevent a contract or other transaction from being made or effected under the seal of the corporation.

(5) This section—

(a) applies to the making, effecting, variation or discharge of a contract or transaction after the commencement of this Act, whether the corporation gave its authority before or after the commencement of this Act; and

(b) does not apply to contracts made by any company within the meaning of the Corporations Act, or by any corporation incorporated under any other Act which expressly prescribes the manner and form in which contracts may be made or transactions effected by or on behalf of such corporation.