corporate metaphysics

[replic**t]

What are share warrants?
If authorised by its articles, a company may convert any fully paid 
shares to 'share  warrants'. These warrants are easily transferable 
without any need for a transfer  document, that is, they can simply be 
passed from hand to hand.  When share warrants are issued, the company 
must strike out the name of the  shareholder from its register of 
members and state the date of issue of the warrant and the  number of 
shares to which it relates. Subject to the articles, a share warrant 
can be  surrendered for cancellation. If so, the holder is entitled to 
be re-entered into the register of  members. Vouchers are usually 
issued with the share warrants in order that any dividends  may be 
claimed.  The holder of a share warrant remains a shareholder but 
whether they are a member of  the company depends on the articles of 
the company. A company which converts all its  shares to share warrants 
should be careful: it could become a memberless company and  therefore 
cease to exist.
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