Question 3. Chris is the founder and managing director of Mega Co. Ltd (MCL). Amongst other dauses, MCL's constitution also contains the following dauses: clause 6 Chris is to be the Managing Director appointed for life of MCL, removable only upon death, retirement or misconduct. clause 9 MCL's constitution may only be altered by a vote of 80% or more of the shares in the company. Clause 12 The company can only borrow money with the approval of the Board where the borrowings exceed $500,000.00. In addition to the constitution, MCL also has a separate employment contract with Chris. In February 2012, Chris arranges a loan for MCL of $750,000.00 with his friend Albert, the manager of CashBank Ltd. Albert and Chris are childhood friends and while Albert knows the money is for Chris's personal business purposes, he is satisfied that Chris will get the Board's approval as he has done in the past. Chris returns the signed loan documents signed by him and apparently by Betty the company secretary. out about When the directors and shareholders of MCL found out about Chris's actions they seek to have chris removed as the managing director. It also transpires that the board refuses to approve the loan because of Chris's total disregard for proper procedure and the fact that the loan documents were not signed by Betty, and it appears that her signature may have been forged. Accordingly, MCL denies any liability under the loan with CashBank Ltd. REQUIRED: Advise Mega Co Ltd whether it can remove Chris as the managing director Also advise whether cashBank Ltd can enforce the loan contract against Mega Co Ltd