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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 6: Obligations associated with share ownership

David Milman


It is sometimes overlooked that shareholders are subject to legal obligations. Although shareholders benefit from the facility of limited liability to reduce the risk of financial exposure, that does not mean that they are obligation free. In the context of obligations owed to the company, the position with regard to shareholder calls is noted. Obligations owed to other shareholders are discussed. The new transparency obligations with regard to the disclosure of interests in shares, the use of share freezing devices and the particular regime introduced recently with regard to the PSC register are analysed.

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