Power of attorney

(1) A company incorporated under this Act may, by an instrument in writing, whether or not under its common seal, authorise a person, either generally or in respect of any specified 72 matters, as its agent to act on behalf of the company and to execute contracts, agreements, deeds and other instruments on behalf of the company. (2) A contract, agreement, deed or other instrument executed on behalf of the company by an agent appointed under sub-section (1), whether or not under his seal, is binding on the company and has the same effect as if it were under the common seal of the company.