Jerry Is the Managing Director of Little Boat Pty Ltd

Jerry is the managing director of Little Boat Pty Ltd ("Little Boat") . The constitution of Little Boat provides that the managing director cannot enter into any contract with a value in excess of $100 000 without the board first passing a resolution. Which of the following is incorrect:

A) Little Boat is a proprietary company and must have at least one director ordinarily resident in Australia.
B) If Jerry entered into a contract in excess of $100 000 and the contract counterparty was aware of the limitation in the constitution, the contract would most likely not be binding.
C) ANY contract entered into by Jerry for a value less than $100 000 is binding.
D) The constitution could be enforced by Jerry as he is a director of Little Boat.
E) If Little Boat desired to take the provision out of the constitution, at a minimum, it would need to pass a special resolution.