CLASSES OF SHARES
Shares in a company may :
- be redeemable;
- confer preferential rights to distributions of share capital or income; confer special, limited, or conditional voting rights; 4. not confer voting rights.
.ISSUE AND ALLOTMENT
Upon registration of the company any person named in the application for registration as a shareholder shall be deemed to have been issued with the number of shares specified in the application. Article 84
From Article 86 The terms of issuing shares approved by the Board of Directors shall be:
- consistent with the articles of association of the company, and to the extent that they are not so consistent, shall be invalid and of no effect;
- deemed to form part of its constitution and may be amended in accordance with this Law.
Within fifteen (15) days of the issue of shares under this Law, the company shall give notice to the Registrar General certifying:
- the number of shares issued;
- the amount of the consideration for which the shares have been issued, its value as determined by the Board of Directors;
- the amount of the company’s share capital following the issue of the shares;
- and deliver to the Registrar General a copy of any terms of issue approved.
TRANSFER AND TRANSMISSION
Shares in public companies are deemed to be transferable subject to any limitation or restriction on the transfer of shares in the Articles of Association
A warrant is a document giving the holder the right to buy shares at a fixed price at a given future date.
Warrants are different from Bearer Shares
A Bearer share is an equity security that is wholly owned by whoever holds the physical stock certificate. The issuing firm neither registers the owner of the stock, nor does it track transfers of ownership. The company disperses dividends to bearer shares when a physical coupon is presented to the firm.
Because the share is not registered to any authority, transferring the ownership of the stock involves only delivering the physical document.
Bearer shares lack the regulation and control of common shares because ownership is never recorded. Similar to bearer bonds, these shares are often international securities.