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Matter 3 Suit-up Ltd entered into a contract with Fabrilicious (Pty) Ltd for the supply of high- quality fabric. The chief financial officer (CFO) of Suit-up, Lauren Litt, declared at a board meeting that her husband, Louis, is the majority shareholder of Fabrilicious (Pty) Ltd, after which the board, including Lauren Litt, unanimously approved the contract. Lauren then informed the board that she would be solely responsible for executing all transactions relating to the contract on behalf of Suit-up Ltd. 3 3 Matter 3: 3.1 Discuss your concerns with the contract entered into between Suit-up Ltd and Fabrilicious (Pty) Ltd in terms of the Companies Act. You should also state whether the contract, if not approved in line with the requirements of the Companies Act, may be ratified. (12)