Sri Lanka Consolidated Acts

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State Mortgage And Investment Bank Law (No. 13 of 1975) - Sect 70

Contracts

70.
(1) Contracts on behalf of the Bank may be made as follows: -
(a) a contract which if made between private persons would be by law required to be in writing, may be made on behalf of the Bank in writing under the common seal of the Bank;
(b) a contract which if made between private persons is by law required to be in writing signed by the parties to be charged therewith, may be made on behalf of the Bank in writing signed by any person or persons duly authorized thereto as hereinafter provided; and
(c) a contract which if made between private persons would by law be valid although made by parol, may be made on behalf of the Bank by any person or persons duly authorized thereto as hereinafter provided.
(2) A contract made according to this section shall be effectual in law and shall bind the Bank and all other parties thereto and their legal representatives.
(3) A contract made according to this section may be varied or discharged in the same manner in which it is authorized by this section to be made.

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