(1) In so far as the formalities of making, varying or discharging a contract are concerned, a person acting under the authority of the IMO may make, vary or discharge a contract in the name of or on behalf of the IMO in the same manner as if that contract were made, varied or discharged by a natural person.

(2) The making, variation or discharge of a contract in accordance with subregulation (1) is effectual in law and binds the IMO and other parties to the contract.

(3) Subregulation (1) does not prevent the IMO from making, varying or discharging a contract under its common seal.