Legal Regulation and Public Policy
1.1 The share as a feature of modern life
1.2 What is a share?
1.3 Who owns shares?
1.4 How are shares created?
1.5 Dealing in shares
1.6 Why regulate shares? The link with public policy
1.7 Denomination of shares
1.8 Shares and the wider socio-economic context
1.9 Shareholders as members
1.10 The numbers’ game
1.11 Shareholders as compared to partners and members of LLPs
1.12 Shareholders in companies as compared to members in mutual organisations
1.13 Shareholders and other stakeholders within a company
1.14 Types of company
1.15 Shares and the facilitation of fraud
2.1 The evolution of shares
2.2 How shares have shaped the modern world
2.3 Types of share
2.4 Shares and stock distinguished
2.5 Classes of share
2.6 Shares and debentures distinguished
2.7 The family of shares: an overview
3.1 Public issue of shares
3.2 Acquisition by allotment
3.3 Acquisition by purchase from existing shareholder
3.4 Acquisition of shares through exchange of another economic interest
3.5 Rights issue
3.6 Scrip issue of shares
3.7 Involuntary acquisition
3.8 Self-acquisition by the company
3.9 Tainted acquisition
3.10 Do the circumstances of acquisition matter?
3.11 Consideration for acquisition
3.12 Acquisition and public policy
3.13 Curbs on acquisition
3.14 Why do people acquire shares?
3.15 Who owns shares?
3.16 Acquisition of shares does not always result in acquisition of membership status
4.1 Nature of shares
4.2 Forfeiture/expropriation under the articles of association
4.3 Requirement to transfer shares
4.4 Compulsory purchase under the Companies Act
4.5 Compulsory purchase on nationalisation
4.6 Privatisation and the golden share phenomenon
4.7 Valuing shares
4.8 Multiple interests in shares
4.9 Shares used as security93
4.10 Shares subject to debt enforcement and other legal procedures
4.11 Transfer of shares
4.12 Surrender of shares
4.13 The governing law
5.1 Introductory points
5.2 Sources of shareholder rights
5.3 Classic shareholder rights
5.4 Additional rights: pre-emption entitlement
5.6 Are rights affected by the personal characteristics of the shareholder?
5.7 Beneficial shareholders’ rights
5.8 Enforcing shareholder rights
5.9 Shareholder rights in international law
6.2 Obligations owed by a shareholder to the company
6.3 Obligations owed to fellow shareholders
6.4 Obligations owed by shareholders to creditors
6.5 Wider obligations?
6.6 Disclosure obligations
6.7 Miscellaneous obligations
7.2 Dematerialisation of shares
7.3 Improving transparency
7.4 Encouraging wider share ownership
7.5 Shareholder wealth maximisation
7.6 Foreign ownership of shares
7.7 Combatting shareholder apathy
7.9 The effect of technology
7.10 The untapped potential of the share
7.11 Alternatives to shares
7.12 Should the state become a more extensive shareholder?
7.13 Facilitating ownership of private company shares
7.14 Erosion of limited liability?
7.15 Final thoughts