(1) A contract made according to this section on behalf of a company—
(a) is in form effective in law and binds the company and the other party to the contract; and
(b) may be varied or discharged in the like manner that it is authorised by this section to be made.
(2) A contract that, if made between individuals, would, by law, be required to be in writing under seal may be made on behalf of a company in writing under seal.
(3) A contract that, if made between individuals, would, by law, be required to be in writing or to be evidenced in writing by the parties to be charged thereby may be made or evidenced in writing signed in the name or on behalf of the company.
(4) A contract that, if made between individuals, would, by law, be valid although made by parol only and not reduced to writing may be made by parol on behalf of the company.