Arend and Company Limited was formed for the purpose of selling tools of all kinds. It was mentioned in the memorandum as the main object of the company. Arend and Company Limited,(a) took loans to build stocks; (2 marks)(b) repaired tools for profit; (2 marks)(c) gave employees loans to buy cars for personal and official use; (2 marks)(d) ran training courses for customers and others instructing the proper use of tools; and (2 marks)(e) expanded its business to sell refrigerators and air conditioners. (2 marks)Required:Explain whether these activities (a) to (e) would be regarded as ‘ultra vires’. (10 marks)