May Bank Ltd is a major lender to Raffles Hotel Pty Ltd. Because of the uncertainty caused by the current economic conditions, the Bank wanted the ability to appoint a director to the board of Raffles Hotel Ltd. The ability to do this was inserted in the constitution of the company. The majority of the Board of directors of Raffles Hotel Pty Ltd were not happy with the Bank and refused May Banking Ltd the ability to appoint a director. The loan for $1,000,000 was entered into by the company. However, as the managing director was away the other signatory signed on his behalf. He did not have the authority to do so. Required: 1. May Bank Ltd seeks your advice and asks can they enforce the right under the constitution to appoint a director to the Board of Raffles Hotel Ltd. What should May Bank Ltd have done to ensure that they could appoint a director? 2. Is the contract signed by the company for $1,000,000 valid