|· These are units of capital.
· Are issued directly by the company.
· They need not be fully paid.
· Are always numbered
· Fractions thereof are not transferable.
|· This is a set of shares put together in a bundle i.e. lumpsum holding.
· Cannot be issued directly.
· The shares in question must be fully paid.
· Are not numbered.
· Fractions thereof are transferable.