Share certificate and Share Warrant.
|Share certificate||Share Warrant|
A share certificate is the registered document of title to the shares, issued by the company under its common seal
|A share warrant is a document issued under a common seal of a public company stating that the bearer of instrument has the title of the shares mentioned there in.|
Who issue the document?
It is issued by public as well as private company.
|Only Public limited companies can issue Share warrants.|
Nature of Shares as regards paid up value?
A share certificate can be issued for fully paid as well as partly paid shares
|It is issued only in case of fully paid shares|
Time of Issue
A company initially (at first) has to issue share certificate
After collection of the amount if the shareholder wishes, company can issue share warrant against the share certificate
Sanction of government
Central Government’s sanction is not required to issue share certificate.
|After collection of the amount if the shareholder wishes, company can issue share warrant against the share certificate.|
Provision in the Articles
Provision to issue share certificate is not necessary in Articles.
|Articles must provide for issue of share warrant.|
The stamp duty on issuing share certificate is nominal
|Heavy stamp duty is to be paid on the issue of share warrant.|
Share Certificate is not a negotiable (transferable) document.
|Share Warrant is a negotiable document. Anyone holding the instrument can get the ownership of shares|
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- Issue of Share Certificate and Share Warrant