Francine is the CEO of Telco Ltd. According to the companys constitution, she is authorised to sign contracts on behalf of the company of up to $100,000 without members approval.

Last week, Francine authorised and signed a contract to buy machinery from Sydney Farming Co Ltd of $200,000 without seeking members approval.

Refer to sections in the Corporations Act and discuss whether Telco Ltd will be bound by this contract, despite it being in breach of the company's constitution.