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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 4: Shares as property objects

David Milman


The chapter commences by introducing shares as property objects. It then considers the protection of shares under fundamental rights law. The position in connection with forfeiture and expropriation is analysed. A substantial section is devoted to the crucial issues of both valuation and transfer of shares. The circumstances in which shares may be acquired on a compulsory basis are detailed. The loss of share ownership on nationalisation is investigated. The position with regard to privatisation processes is noted, together with the phenomenon of the golden share. Also considered are the implications arising from the fact that multiple interests in shares may exist. Beneficial share ownership and indirect shareholding is touched upon. The issue of the creation of security over shares and the concept of financial collateral is noted. The chapter concludes with an explanation of the position with regard to the situs of shares for conflicts of law purposes.

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