Section 58, The Companies Act, 2009

(1) Contracts on behalf of a company may be made, variedor discharged as follows:– (a) any contract which if made between individuals would be required by law to be in writing under seal, or which could be varied or discharged only by writing under seal, may be made, varied or discharged, as the case may be, in writing under the common seal of the company; (b) any contract which if made between individuals would be required by law to be in writing under seal, or which could be varied, or discharged only by writing under seal, may be made, varied or discharged as the case may be, in writing signed in the name or on behalf of the company; and (c) any contract which if made between individuals would be valid although made by parol only and not reduced into writing or which could be varied or discharged by parol, may be made, varied or discharged, as the case may be, by parol on behalf of the (2) A contract made according to this section shall be effectual in law, and shall bind the company and its successors and all other parties thereto, their heirs, executors, or administrators, as the case may be; and may be varied or discharged in the same manner in which it is authorised by this section to be made.