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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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Appendix III: Recharacterisation of UK enterprises: some historical examples

David Milman


Aerospace and Shipbuilding [Aircraft and Shipbuilding Industries Act 1977]. British Aerospace and British Shipbuilders set up.

British Railways (1948) [Transport Act 1947]. Came under control of British Transport Commission (established in 1947).

British Waterways (1948) [Transport Act 1947]. Originally came under control of British Transport Commission in 1948 and then the British Waterways Board, which was set up in 1963. Then, in 2012, control was transferred to a non-profit making trust, the Canal and River Trust.

British Steel (1949, 1967) [Iron and Steel Act 1949]. Nationalisation, which involved the creation of the Iron and Steel Corporation of Great Britain, was unwound in 1952 and then reinstated in 1967 as the British Steel Corporation [Iron and Steel Act 1967]. In 1988 the industry was again privatised, with British Steel plc being formed. This eventually merged and became Corus.

Coal (1947) [Coal Industry Nationalisation Act 1946].

Royal Bank of Scotland (2008) [Banking (Special Provisions) Act 2008] The government took a controlling interest in 2008 as part of a financial rescue during the global financial crisis.

State Management Scheme (1916) (breweries, alcohol outlets in Carlisle, Enfield and Cromarty Firth) [measures derived from the Defence of the Realm Act 1914]. This scheme was finally terminated in 1971.

Amersham International (1982)

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