Kubo Yutaka is an executive director of Intoku Logistics Pty Ltd, an established company founded in Sydney in 1975. The company has 4 members/shareholders (including Yutaka), with each of them owning twenty-five percent of the company shares. According to Intoku's constitution, all loan contract, to be valid, must bear the signature of at least two directors. Yutaka wants to retire in 2021. As he has been with the company since its inception, he believes he is now entitled to a reward for all his years of faithful service. He visits a yacht dealership in Coffs Harbour and orders a boat worth $200,000. Yutaka signs the contract as a director of Intoku Pty Ltd. When the boat is delivered and the dealer sends the invoice to Intoku, the board of directors are livid with anger and refuse to pay for the boat. They also want to take legal action against Yutaka. The boat dealer threatens to sue Intoku is the boat is not paid for. HA3021 Corporations Law Individual Assignment T3 2021 - Part 1 6 Answer the following questions:

(a) Did Yutaka have authority to sign the contract to buy the boat?

(b) Is Intoku Pty Ltd legally obliged to pay for the boat?