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Types of Shares

There are two basic types of shares: registered shares which are made out to the owner's name and bearer shares, where the holder of the share in the corporation is unknown but can nevertheless enforce his rights as a shareholder. Shares can have other properties as well.

Bearer shares Shares that are made out to an unnamed bearer are called "bearer shares". With bearer shares, in contrast to registered shares, the company does not know who owns its shares - i.e. the company does not know its shareholders. Bearer shares can be transferred both on-exchange or over-the-counter and the owner still acquires membership and proprietary rights on buying the shares. The banks who have handled the purchase of the shares know the names and addresses of the persons purchasing the bearer shares. They provide the shareholders with their confirmation of share ownership for the general meeting of shareholders and receive dividend payments on their behalf.
Bearer shares with restricted transferability It is not possible to restrict the transferability of bearer shares because the shareholder is by definition anonymous.