Section 107
of International Business Companies Order, 2000
Section 107
(1)
Contracts may be entered into on behalf of an IBC as follows –
(a)
a contract that, if entered into between individuals, is required by law to be in writing and signed by the parties or to be in writing and under seal, may be entered into by or on behalf of the IBC in writing and signed by a person acting under the express or implied authority of the IBC in the presence of at least one individual witness who shall sign and provide his occupation and address and may, in the same manner, be varied or discharged; and
(b)
a contract that, if entered into between individuals, is valid although entered into orally and not reduced to writing may be entered into orally by or on behalf of the IBC by a person acting under the authority of the
IBC and may, in the same manner, be varied or discharged.
(2)
A contract entered into in accordance with this section is valid and binding on the IBC and its successors.
(3)
A contract or other instrument executed by or on behalf of an IBC by a director or an authorised officer or agent of the IBC is not invalid by reason only of the fact that the
IBC’s common seal (if any) is not affixed to the contract or other instrument.
(4)
An IBC need not have a common seal, but if it does, the Articles shall govern its custody and use.
Contracts before incorporation.