s 37 Contracts of Corporation
37.—(1) Any contract, which if made between private persons would be required to be in writing under seal, must if made by the Corporation be in writing under the seal of the Corporation. (2) Any contract, which if made between private persons would be required to be in writing signed by the parties to be charged therewith, must if made by the Corporation be either —(a) in writing under the seal of the Corporation; or (b) in writing signed by the Chief Executive on behalf of and by direction of the Corporation or signed by any other person on behalf of and pursuant to the authority of the Corporation. (3) Any contract, which if made between private persons would be valid although made orally, may be similarly made on behalf of the Corporation by the Chief Executive acting by direction of the Corporation or by any other person pursuant to the authority of the Corporation, but no oral contract may be made involving payment by the Corporation of a sum exceeding $500.[21