Alex, Mary and Jacob establish a company in which they each take shares. Alex has another job as an accountant and so he contributes most of the money to the new company and receives 60 per cent of the shares in the company. Alex is quite busy with his accountancy practice and so he chooses not to become a director of the company.

Mary and Jacob plan to run the business themselves and each takes a 20 per cent shareholding and act as officially appointed directors. However, Jacob forgets to submit a written acceptance of his role as a director. During the first year, the company runs very well with Mary acting as CEO and Jacob as company secretary. However, given that Alex, owns a majority of the shares in the company, he is consulted about any significant decisions by Mary and Jacob. If Alex disagrees with the course of action proposed by Mary and Jacob, then normally they will compromise to suit Alex. One day while Alex is inspecting the companys accounts (which he regularly does), he notices some accounting anomalies which suggest that Mary has been misappropriating funds from the company. Furthermore, Alex believes that the company has been insolvent for some time.

Required:

Does Alex fit within the definition of an officer under the Corporations Act? In your answer, you must cite any relevant legislation.

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