(1) In so far as the formalities of making, varying or discharging a contract are concerned, a person acting under the authority of a port authority may make, vary or discharge a contract in the name of or on behalf of the port authority 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 subsection (1) is effectual in law and binds the port authority and other parties to the contract.

(3) Subsection (1) does not prevent a port authority from making, varying or discharging a contract under its common seal.