A & B are husband and wife who own 15% shares of stock each and were both elected as members of the BOD of Megaworld Corporation.Prior to their election, they already hold positions in the BOD of Atria Corporation where they control about 12% shares of stock each respectively. Now, Megaworld and Atria entered into a joint venture to develop an amusement park. The presence in the meetingsand votes of A & B were necessary for the approval of the contract. Is the contract valid or not? Explain why.