(1) A person who enters into a written contract in the name of or on behalf of an international business company before the international business company comes into existence, is personally bound by the contract and is entitled to the benefits of the contract, except where—
(a) the contract specifically provides otherwise; or
(b) subject to any provisions of the contract to the contrary, the international business company adopts the contract under subsection (2).
(2) Within a reasonable time after an international business company comes into existence, the international business company may, by any action or conduct signifying its intention to be bound thereby, adopt a written contract entered into in its name or on its behalf before it came into existence.
(3) When an international business company adopts a contract under subsection (2)—
(a) the international business company is bound by, and entitled to the benefits of the contract as if the international business company had been in existence at the date of the contract and had been a party to it; and
(b) subject to any provisions of the contract to the contrary, the person who acted in the name of or on behalf of the international business company ceases to be bound by or entitled to the benefits of the contract.