Question 1 ABC (Pty) Ltd has three directors: Ms A, Mr B and Mr C. ABC (Pty) Ltd's Memorandum of Incorporation contains the following clauses: "18.14: This company specialises in manufacturing of cement and can only act in accordance with this business objective." and "20.15: Mr C has the authority to act on behalf of the company. However, for transactions above R2 000 000, Mr C needs to obtain the consent of the CFO in writing." On 10 August 2019, Mr C bought three hot air balloons on behalf of the company, to the value of R2 200 000 from Adventure Retailers, who was a bona fide third party. Mr C, did not obtain the required prior consent for the transaction. Answer the following questions: 1.1 Advise the shareholders as to the validity of the contract. 1.2 For this question, accept that the shareholders are satisfied with the transaction, because the board sold the hot air balloons for a profit on 11 August 2019. Discuss any possible method(s) that could be used to indemnify Mr C from personal liability due to the contravention of the stipulations in the MOI. 1.3 For this question, accept that the company was registered as ABC (Pty) Ltd RF. Will your answer in question 1.1 be different? If so, motivate your answer.