Which of the following statements is correct?

The Articles of Association of Dee Ltd state that the company has power to borrow money and that the directors have authority to borrow up to £200,000 on behalf of the company. The board has resolved to purchase a piece of land for £300,000. The Midwest Bank plc has agreed to make a loan of £250,000 to Dee Ltd to acquire the land.

Which of the following statements is correct?
A . The loan is void as Dee Ltd has acted ultra virus.
B . As the directors have exceeded their authority, the bank cannot enforce the loan against Dee Ltd.
C . As the directors have resolved to obtain the loan they have acted in accordance with the company’s constitution.
D . The loan is ultra virus the directors who will be personally liable for any loss caused to the company, unless their actions are ratified by the shareholders.

Answer: D