Pleas follow this format of an answer

Issue: What is the question that is being asked? You need to identify the correct issue/s. If there is more than one issue in a question, each issue needs to be responded to separately. Relevant Laws: Mention relevant cases and sections and explain them. For sections, you need to summarise the section's content. You do not copy the section word for word. For cases, you do not need to mention the facts of the case. You need to mention the judgment. It is important to have a clear section of the law. You do not only mention the name of the case or the number of the section without any explanation Application: You will apply the law to the facts of the problem. You need to use the facts of the problem and check if they fulfil the requirements of the law. Conclusion: What is the outcome? This part is only one line and is the answer to the question raised in the issue.

Question

Oceanview Pty Ltd (Oceanview) is a company that specialises in eco-friendly landscaping services. The company's board consists of four directors: Emma, Alex, James, and Mia. Mia was appointed as the managing director. Mia arranged for Skyline Finance to lend $1.5 million to her partner's real estate development venture, Azure Estates Pty Ltd (Azure Estates), where she held the position of chairperson and owned the majority of shares. Azure Estates was already facing financial strain and had no unencumbered assets to serve as collateral for an additional loan. Mia arranged the loan for Azure Estates under the condition that Oceanview would provide a guarantee for the loan which included a mortgage over Oceanview's land, which is used for cultivating native plants. Without seeking approval from Oceanview's board, Mia signed the guarantee and mortgage documents as the managing director of Oceanview, in violation of Oceanview's constitution. The constitution contained a clause that mandated the board's prior consent for offering any security on loans exceeding one million dollars. Currently, Azure Estates is encountering financial hardships and has defaulted on the loan from Skyline Finance. Skyline Finance is now pursuing legal action to enforce its rights under the guarantee and mortgage against Oceanview.

Advise Oceanview whether it is bound by the guarantee and mortgage by referring to legislation and case law where relevant.