1019:
989:
945:
969:
925:
151:
957:
1043:
662:
1004:
1031:
38:
814:, starting in 1990 share certificates have been largely abolished for shares traded on the stock exchange, people using electronic shares instead (which are either registered in the share owner's name or in the share owner's broker's name). Share certificates may exist in Sweden, but only if the shares are not listed on any stock exchange in Sweden.
780:(in the United States street name securities are securities held, usually in paper certificate form, by a partnership of a financial institution (such as a broker or bank or central securities depository), where the beneficial owner only receives a statement, similar to a bank account statement) or registering shares directly with the
747:
In the United States (to a limited extent) and other countries, electronic registration is supplanting the stock certificate for beneficial owners (though depositories holding for them may themselves hold certificates), with companies at times no longer being required to issue paper certificates. In
871:
Stock certificates are transferred as negotiable or quasi-negotiable instruments by indorsement and delivery, and issuer charters typically require that transfers must be registered with the issuer (usually via the issuer's transfer agent) in order for the transferee to join as a member of the
821:
to another person to allow them to vote the shares in question. Similarly, a shareholder without a share certificate may often give a proxy to another person to allow them to vote the shares in question. Voting rights are defined by the corporation's charter and corporate law.
867:
Stockholder rights are subject to the solvency requirements of issuer's general creditors and to any terms and conditions validly placed upon the face of the stock certificate which are part of the total agreement between the particular stockholder and the issuer.
1018:
844:, post-issuance. International initiatives have curbed the use of bearer stock certificates in offshore jurisdictions, and tend to be available only in onshore financial centres, although they are rarely seen in practice.
988:
768:
flooded a vault at the DTC, damaging over $ 1 billion in stock and bond certificates. Countries around the world have adopted similar initiatives, with some countries setting deadlines for statutory dematerialization.
1087:
924:
968:
836:, and physical possession of the certificate entitles the holder to exercise all legal rights associated with the stock. Bearer stock certificates are becoming uncommon: they were popular in
740:. The first such instruments were used in the Netherlands by 1606, and in the United States by the year 1800. Historically, certificates may have been required to evidence entitlement to
944:
787:
Another alternative to both paper and electronic registration is the use of paper-equivalent electronic stock certificates. Forty-seven states have enacted legislation equivalent to the
852:
A stock certificate represents a legal proprietary interest in the common stock (in the sense of the general fund) or assets of the issuer corporation. The certificate evidences a
829:. A registered stock certificate is normally only evidence of title, and a record of the true holders of the shares will appear in the stockholder's register of the corporation.
744:, with a receipt for the payment being endorsed on the back; and the original certificate may have been required to be provided to effect the transfer of the shareholding.
748:
the United States over 420 of the 7,000-plus publicly traded securities, 6%, do not issue paper certificates to beneficial owners. Volumes of share transfer on the
1042:
648:
1314:
956:
1003:
1362:
840:
for their perceived confidentiality, and as a useful way to transfer beneficial title to assets (held by the corporation) without payment of
515:
752:, for example, increased over time; in 1938 daily volume was 1 million shares, and in 1954 it reached 2 million shares. The United States'
1220:
1070:
1030:
1241:
1165:
979:
900:
788:
760:, in 2011 held 1.6 million paper stock certificates, and has promoted efforts to eliminate paper stock certificates, a process called
55:
1251:
1175:
121:
1336:
800:
102:
641:
74:
1141:
905:
761:
490:
59:
1476:
753:
617:
439:
81:
757:
1009:
165:
856:
against the issuer to collect dividends and usually to influence the issuer through voting pursuant to the issuer's
1267:
634:
391:
88:
1072:
Study of the
Securities Industry: Hearings, Ninety-second Congress, First [and Second] Session[s]
994:
837:
500:
1412:
720:
A stock certificate is a legal document that certifies the legal interest (a bundle of several legal rights) of
1481:
931:
826:
1413:"STSM041110 – Exemptions and reliefs: exemptions: sales of Bearer securities – general – HMRC internal manual"
70:
807:
technology for private companies to create, issue and manage paper-equivalent electronic stock certificates.
1192:
773:
749:
729:
701:
320:
48:
661:
1471:
777:
465:
1387:
1466:
910:
804:
667:
597:
510:
1292:
792:
781:
444:
347:
795:"in writing" requirements. This, together with the enactment of legislation permitting the use of "
622:
1115:
1107:
612:
570:
555:
525:
449:
377:
294:
172:
160:
864:, which are often implied or incorporated by reference as terms on the face of the certificate.
150:
772:
Brokers may charge up to $ 500 for issuing a paper certificate, though some charge zero (e.g.,
95:
1247:
1171:
890:
833:
692:) is a legal document that certifies the legal interest (a bundle of several legal rights) of
545:
540:
530:
475:
301:
1363:"Cofounded by Manu Kumar, eShares Aims to (Finally) Digitize Stock and Options Certificates"
1099:
825:
Stock certificates are generally divided into two forms: registered stock certificates and
592:
587:
560:
430:
406:
401:
362:
342:
306:
254:
142:
853:
765:
725:
697:
550:
535:
495:
311:
249:
210:
205:
1438:
704:
in the United States, a securities entitlement or pro rata share of a fungible bulk) or
565:
470:
420:
382:
274:
221:
215:
195:
190:
1222:
Hearings, Reports and Prints of the House
Committee on Interstate and Foreign Commerce
1460:
1119:
764:—which has been a goal in the industry since at least the 1960s. In 2012, water from
733:
705:
677:
505:
480:
332:
279:
1293:"DTCC Proposes Steps to Move Ahead on Full Dematerialization of Physical Securities"
818:
607:
582:
352:
244:
239:
230:
200:
17:
895:
885:
776:) or only a modest fee, and this fee can be avoided by either holding shares in
737:
709:
602:
415:
372:
367:
357:
264:
181:
37:
841:
1088:"The First Printed Share Certificate: An Important Link in Financial History"
935:
796:
721:
693:
1391:
975:
873:
741:
327:
1111:
857:
577:
520:
861:
811:
1103:
732:, a securities entitlement or pro rata share of a fungible bulk) or
259:
1337:"Free paper stock certificates? It's possible but does take work"
1388:"Panama Papers reveal billions hidden in anonymous paper shares"
485:
1315:"Note on Statutory Dematerialisation Across the European Union"
1142:"Why Private Companies Don't Need To Issue Stock Certificates"
31:
817:
Sometimes a shareholder with a stock certificate can give a
1268:"Electronic records are replacing paper stock certificates"
1193:"Electronic records are replacing paper stock certificates"
930:
One of the oldest known stock certificates, issued by the
1170:. Wolters Kluwer Law & Business. 31 January 2022.
1048:
832:
A bearer stock certificate, as its name implies is a
799:" signatures on certificates (such as in §158 of the
872:corporation. Registration of transfer is a type of
62:. Unsourced material may be challenged and removed.
901:Stock certificates franked with revenue tax stamps
1246:. American Library Association. 30 April 2013.
1036:Société des Papiers Keller Dorian certificate
848:Legal characterization of a stock certificate
642:
8:
27:Legal document that certifies legal interest
1024:O. K. Giant Battery Corporation certificate
649:
635:
133:
122:Learn how and when to remove this message
1225:. U.S. Government Printing Office. 1971.
1075:. U.S. Government Printing Office. 1971.
660:
1382:
1380:
1236:
1234:
1232:
1215:
1213:
1160:
1158:
1065:
1063:
1059:
950:Colorado & Red River Land Co., 1835
920:
784:and having them issue the certificate.
457:
429:
390:
287:
229:
180:
141:
7:
1167:Business Organizations for Paralegal
962:New Jersey Midland Railway Co., 1872
60:adding citations to reliable sources
1437:Ehrle, Clarence G. (January 1921).
791:, which formalizes equivalency for
789:Uniform Electronic Transactions Act
1243:Records and Information Management
1140:Miller, Todd (25 September 2015).
25:
1439:"The Uniform Stock Transfer Act"
1041:
1029:
1017:
1002:
987:
967:
955:
943:
923:
801:Delaware General Corporation Law
149:
36:
1361:Loizos, Connie (6 March 2013).
392:Over-the-counter (off-exchange)
47:needs additional citations for
906:Dematerialization (securities)
1:
1335:Krantz, Matt (10 June 2010).
754:central securities depository
618:Sustainable development goals
1191:Krantz, Matt (25 May 2010).
728:(or, under Article 8 of the
700:(or, under Article 8 of the
1010:Baltimore and Ohio Railroad
665:Certificate for a share in
1498:
1086:Shelton, John P. (1965).
974:Stock certificate, 1900,
827:bearer stock certificates
501:Diversification (finance)
938:, dated 9 September 1606
724:of a specific number of
696:of a specific number of
1092:Business History Review
1012:stock certificate, 1903
997:stock certificate, 1900
774:The Walt Disney Company
750:New York Stock Exchange
730:Uniform Commercial Code
702:Uniform Commercial Code
838:offshore jurisdictions
673:
466:Alternative investment
911:Direct holding system
805:software as a service
803:), has given rise to
793:electronic signatures
672:, Great Britain, 1808
668:Kennet and Avon Canal
664:
598:Investment management
511:Environmental finance
1477:Securities (finance)
1443:Marquette Law Review
782:stock transfer agent
686:certificate of stock
56:improve this article
623:Sustainable finance
137:Part of a series on
71:"Stock certificate"
980:Revenue tax stamps
674:
613:Speculative attack
378:Structured product
995:Arlington College
891:Bearer instrument
834:bearer instrument
762:dematerialization
690:share certificate
682:stock certificate
659:
658:
486:Banks and banking
476:Asset (economics)
302:Credit derivative
270:Stock certificate
143:Financial markets
132:
131:
124:
106:
18:Share certificate
16:(Redirected from
1489:
1451:
1450:
1434:
1428:
1427:
1425:
1423:
1409:
1403:
1402:
1400:
1398:
1384:
1375:
1374:
1372:
1370:
1358:
1352:
1351:
1349:
1347:
1332:
1326:
1325:
1323:
1321:
1311:
1305:
1304:
1302:
1300:
1289:
1283:
1282:
1280:
1278:
1264:
1258:
1257:
1238:
1227:
1226:
1217:
1208:
1207:
1205:
1203:
1188:
1182:
1181:
1162:
1153:
1152:
1150:
1148:
1137:
1131:
1130:
1128:
1126:
1083:
1077:
1076:
1067:
1045:
1033:
1021:
1006:
991:
971:
959:
947:
927:
651:
644:
637:
593:Impact investing
588:Growth investing
321:Foreign exchange
307:Futures exchange
255:Registered share
153:
134:
127:
120:
116:
113:
107:
105:
64:
40:
32:
21:
1497:
1496:
1492:
1491:
1490:
1488:
1487:
1486:
1482:Legal documents
1457:
1456:
1455:
1454:
1436:
1435:
1431:
1421:
1419:
1411:
1410:
1406:
1396:
1394:
1386:
1385:
1378:
1368:
1366:
1360:
1359:
1355:
1345:
1343:
1334:
1333:
1329:
1319:
1317:
1313:
1312:
1308:
1298:
1296:
1295:. 12 March 2013
1291:
1290:
1286:
1276:
1274:
1266:
1265:
1261:
1254:
1240:
1239:
1230:
1219:
1218:
1211:
1201:
1199:
1190:
1189:
1185:
1178:
1164:
1163:
1156:
1146:
1144:
1139:
1138:
1134:
1124:
1122:
1104:10.2307/3112147
1085:
1084:
1080:
1069:
1068:
1061:
1056:
1049:
1046:
1037:
1034:
1025:
1022:
1013:
1007:
998:
992:
983:
972:
963:
960:
951:
948:
939:
928:
919:
882:
854:chose in action
850:
766:Hurricane Sandy
718:
684:(also known as
655:
496:Climate finance
425:
411:
339:
338:
318:
317:
312:Hybrid security
250:Preferred stock
220:
211:High-yield debt
206:Government bond
128:
117:
111:
108:
65:
63:
53:
41:
28:
23:
22:
15:
12:
11:
5:
1495:
1493:
1485:
1484:
1479:
1474:
1469:
1459:
1458:
1453:
1452:
1429:
1404:
1376:
1353:
1327:
1306:
1284:
1259:
1252:
1228:
1209:
1183:
1176:
1154:
1132:
1098:(3): 391–402.
1078:
1058:
1057:
1055:
1052:
1051:
1050:
1047:
1040:
1038:
1035:
1028:
1026:
1023:
1016:
1014:
1008:
1001:
999:
993:
986:
984:
973:
966:
964:
961:
954:
952:
949:
942:
940:
929:
922:
918:
915:
914:
913:
908:
903:
898:
893:
888:
881:
878:
849:
846:
717:
714:
657:
656:
654:
653:
646:
639:
631:
628:
627:
626:
625:
620:
615:
610:
605:
600:
595:
590:
585:
580:
575:
574:
573:
568:
563:
558:
553:
548:
543:
538:
533:
528:
518:
513:
508:
503:
498:
493:
488:
483:
478:
473:
471:Angel investor
468:
460:
459:
455:
454:
453:
452:
447:
442:
434:
433:
427:
426:
424:
423:
418:
412:
410:
409:
404:
398:
395:
394:
388:
387:
386:
385:
383:Swap (finance)
380:
375:
370:
365:
360:
355:
350:
345:
337:
336:
330:
323:
319:
316:
315:
309:
304:
297:
293:
290:
289:
285:
284:
283:
282:
277:
275:Stock exchange
272:
267:
262:
257:
252:
247:
242:
234:
233:
227:
226:
225:
224:
222:Securitization
218:
216:Municipal bond
213:
208:
203:
198:
196:Corporate bond
193:
191:Bond valuation
185:
184:
178:
177:
176:
175:
163:
155:
154:
146:
145:
139:
138:
130:
129:
44:
42:
35:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1494:
1483:
1480:
1478:
1475:
1473:
1472:Corporate law
1470:
1468:
1465:
1464:
1462:
1448:
1444:
1440:
1433:
1430:
1418:
1414:
1408:
1405:
1393:
1389:
1383:
1381:
1377:
1364:
1357:
1354:
1342:
1338:
1331:
1328:
1316:
1310:
1307:
1294:
1288:
1285:
1273:
1269:
1263:
1260:
1255:
1253:9781555709105
1249:
1245:
1244:
1237:
1235:
1233:
1229:
1224:
1223:
1216:
1214:
1210:
1198:
1194:
1187:
1184:
1179:
1177:9781543826913
1173:
1169:
1168:
1161:
1159:
1155:
1143:
1136:
1133:
1121:
1117:
1113:
1109:
1105:
1101:
1097:
1093:
1089:
1082:
1079:
1074:
1073:
1066:
1064:
1060:
1053:
1044:
1039:
1032:
1027:
1020:
1015:
1011:
1005:
1000:
996:
990:
985:
981:
977:
970:
965:
958:
953:
946:
941:
937:
933:
926:
921:
916:
912:
909:
907:
904:
902:
899:
897:
894:
892:
889:
887:
884:
883:
879:
877:
875:
869:
865:
863:
859:
855:
847:
845:
843:
839:
835:
830:
828:
823:
820:
815:
813:
808:
806:
802:
798:
794:
790:
785:
783:
779:
775:
770:
767:
763:
759:
755:
751:
745:
743:
739:
735:
731:
727:
723:
715:
713:
711:
707:
703:
699:
695:
691:
687:
683:
679:
678:corporate law
671:
669:
663:
652:
647:
645:
640:
638:
633:
632:
630:
629:
624:
621:
619:
616:
614:
611:
609:
606:
604:
601:
599:
596:
594:
591:
589:
586:
584:
581:
579:
576:
572:
569:
567:
564:
562:
559:
557:
554:
552:
549:
547:
544:
542:
539:
537:
534:
532:
529:
527:
524:
523:
522:
519:
517:
514:
512:
509:
507:
506:Eco-investing
504:
502:
499:
497:
494:
492:
489:
487:
484:
482:
481:Asset pricing
479:
477:
474:
472:
469:
467:
464:
463:
462:
461:
458:Related areas
456:
451:
448:
446:
443:
441:
438:
437:
436:
435:
432:
428:
422:
419:
417:
414:
413:
408:
405:
403:
400:
399:
397:
396:
393:
389:
384:
381:
379:
376:
374:
371:
369:
366:
364:
361:
359:
356:
354:
351:
349:
346:
344:
341:
340:
334:
333:Exchange rate
331:
329:
325:
324:
322:
313:
310:
308:
305:
303:
299:
298:
296:
292:
291:
288:Other markets
286:
281:
280:Watered stock
278:
276:
273:
271:
268:
266:
263:
261:
258:
256:
253:
251:
248:
246:
243:
241:
238:
237:
236:
235:
232:
228:
223:
219:
217:
214:
212:
209:
207:
204:
202:
199:
197:
194:
192:
189:
188:
187:
186:
183:
179:
174:
171:
167:
164:
162:
161:Public market
159:
158:
157:
156:
152:
148:
147:
144:
140:
136:
135:
126:
123:
115:
112:December 2009
104:
101:
97:
94:
90:
87:
83:
80:
76:
73: –
72:
68:
67:Find sources:
61:
57:
51:
50:
45:This article
43:
39:
34:
33:
30:
19:
1467:Stock market
1446:
1442:
1432:
1420:. Retrieved
1416:
1407:
1395:. Retrieved
1367:. Retrieved
1356:
1344:. Retrieved
1340:
1330:
1318:. Retrieved
1309:
1297:. Retrieved
1287:
1275:. Retrieved
1271:
1262:
1242:
1221:
1200:. Retrieved
1196:
1186:
1166:
1145:. Retrieved
1135:
1123:. Retrieved
1095:
1091:
1081:
1071:
982:(upper left)
934:-chamber of
870:
866:
851:
831:
824:
816:
809:
786:
771:
746:
719:
689:
685:
681:
675:
666:
608:Market trend
583:Greenwashing
440:Participants
269:
245:Growth stock
240:Common stock
231:Stock market
201:Fixed income
169:
118:
109:
99:
92:
85:
78:
66:
54:Please help
49:verification
46:
29:
1346:7 September
1202:7 September
896:Scripophily
886:Bearer bond
778:street name
738:corporation
710:corporation
603:Market risk
416:Spot market
373:Reinsurance
368:Real estate
358:Mutual fund
295:Derivatives
265:Stockbroker
182:Bond market
1461:Categories
1320:3 February
1299:3 February
1147:3 February
1054:References
842:stamp duty
670:Navigation
445:Regulation
173:Securities
82:newspapers
1341:USA Today
1272:USA Today
1197:USA Today
1120:155627649
936:Enkhuizen
797:facsimile
742:dividends
722:ownership
694:ownership
546:corporate
521:Financial
343:Commodity
1449:(2): 91.
1392:CBC News
880:See also
874:novation
571:services
561:personal
556:forecast
526:analysis
450:Clearing
402:Forwards
328:Currency
166:Exchange
1422:29 July
1397:29 July
1369:13 June
1365:. PeHUB
1277:29 July
1125:29 July
1112:3112147
976:franked
917:Gallery
858:charter
716:History
578:Fintech
541:betting
531:analyst
431:Trading
407:Options
96:scholar
1417:Gov.uk
1250:
1174:
1118:
1110:
862:bylaws
812:Sweden
726:shares
698:shares
566:public
363:Option
168:
98:
91:
84:
77:
69:
1116:S2CID
1108:JSTOR
978:with
819:proxy
736:in a
734:stock
708:in a
706:stock
551:crime
536:asset
421:Swaps
353:Money
260:Stock
103:JSTOR
89:books
1424:2022
1399:2022
1371:2013
1348:2010
1322:2015
1301:2015
1279:2022
1248:ISBN
1204:2010
1172:ISBN
1149:2013
1127:2022
860:and
680:, a
491:Bull
75:news
1100:doi
932:VOC
810:In
758:DTC
688:or
676:In
516:ESG
348:ETF
58:by
1463::
1445:.
1441:.
1415:.
1390:.
1379:^
1339:.
1270:.
1231:^
1212:^
1195:.
1157:^
1114:.
1106:.
1096:39
1094:.
1090:.
1062:^
876:.
756:,
712:.
1447:5
1426:.
1401:.
1373:.
1350:.
1324:.
1303:.
1281:.
1256:.
1206:.
1180:.
1151:.
1129:.
1102::
650:e
643:t
636:v
335:)
326:(
314:)
300:(
170:·
125:)
119:(
114:)
110:(
100:·
93:·
86:·
79:·
52:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
