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The Company Share

Legal Regulation and Public Policy

David Milman

In this accessible and insightful book David Milman examines the phenomenon of the company share in an holistic way, tracing the origins of the share and describing the diversity present within the family of shares. Using a comparative approach, key chapters consider the circumstances under which shares are acquired, the property law perspective relevant to shares and the rights and obligations of those who hold shares. The book concludes with some speculation on how the share might evolve in the future in the light of technological change and the development of other capital raising investments.
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Chapter 2: History of the company share and the different categories of share

David Milman

Extract

The historical antecedents of the modern company share are explained in this chapter. The period of evolution from the Bubble Act 1720 up to the ‘Big Bang’ in 1986 and beyond is covered. A major part of this chapter is devoted to explaining the different types of share that exist today and that have existed in the past. The diversity of share types is impressive, with more than a dozen categories identified, and that pattern is continually evolving. The important concept of a ‘class’ of shares is analysed. The differences between shares and debentures are highlighted.

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