45.3 On October 15, 2002, Arnold personally borrowed $10,000 from First City Bank. First City required that Arnold obtain a guarantor for his promissory note. Westover, Inc., a real estate corporation of which Arnold was a director, agreed to guarantee payment of the note. On November 15,2002 , Morton and Edith purchased all of the shares of Westover. On October 15, 2003, Arnold failed to repay the note and First City sued Westover. Morton, who is now president of Westover, requests that the court refuse to enforce the guaranty on the ground that Westover acted ultra vires by guaranteeing the note. Westover's bylaws provide that it was formed estate." Has the corporation acted ultra vires