Company with only 2 directors

Shanthi (Junior Student) (226 Points)

30 June 2009  

Dear All

1) A company was formed with only 2 directors husband and wife with 1500 shares on total

Husband 800 shares

Wife 200 shares

Remaining 500 shares laying idle

Is is correct this way ? Has the company been incorporated correctly ? Is there any legal  loophole waiting to be exploited?

2) SInce there are only 2 directors would the husband be automatically considered as managing director since he holds 800 shares?