(1) Contracts on behalf of an ICAV may be made as follows:
(a) a contract which, if made between natural persons, would be by law required to be in writing and to be under seal, may be made on behalf of the ICAV in writing under the common seal of the ICAV in accordance with this section;
(b) a contract which, if made between natural persons, would be by law required to be in writing, signed by the parties, may be made on behalf of the ICAV in writing, signed by any person acting under its authority, express or implied;
(c) a contract which, if made between natural persons, would by law be valid although made by parol only, and not reduced into writing, may be made by parol on behalf of the ICAV by any person acting under its authority, express or implied.
(2) A contract made according to this section shall bind the ICAV and its successors and all other parties to it.
(3) A contract made according to this section may be varied or discharged in the same manner in which it is authorised
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