Nature of title
The different types of titles found in the field of scripophily are given below, we also give the description of each type.
We speak successively of action, obligation, certificate of payment, script, warrant and of what composes the title, coat with or without stamp, coupon and heel.
Click below on one of the different natures of most common values :
or on one of the components of the title :
A share is a security issued by a company representing a fraction of its capital to attest to a specific right of its shareholders.
When the company is set up, the terms and conditions of the issue are defined by the articles of association: number of securities established in such a way as to be able to distribute the shares in proportion to the contributions of the various contributors, particularities intended to organize the sharing of the profits or the rights of the vote, ...
Examples: enjoyment action, beneficiary share, founder share.....
'Capital shares' or 'ordinary shares' often refer to a par value. The terms 'Action' and 'Part' are synonymous. They can be 'bearer' or 'nominative', these mentions the name of the owner registered in the register of shareholders of the company. Bearer shares can be passed from hand to hand but more commonly through banks.
Most shares are issued by public anonimous society, but shares or units of Cooperative Companies or Limited Partnerships are sometimes found..
An bond is a claim on society with a precisely defined value, unlike the equity.
It's an acknowledgment of debt made to society.
The terms of the bond are clearly specified on the document: date of issue, amount of the loan, interest rate, duration, nominal value of the bond...
Unlike stocks, bonds can be issued by all kinds of public authorities.Bond issued by the city of Brussels for its 1932 loan.
A short term bond is a security equivalent to a bond but of shorter duration, generally a maximum of 5 years, and does not enjoy the same privileges or protections. Short term bond issued by the city of Brussels for its loan of 1930
A script is a word extracted from the professional jargon of scholars and not included in most dictionaries.
It was used, among other things, when issuing new shares to subscribe the securities remaining to be subscribed and therefore allowed to indemnify rights not surrendered.
The document that represents it is generally quite simple and does not offer much interest in scripophily.
A warrant, originally, refers to a right of ownership over a commodity in storage. This document allows, among other things, to pledge this merchandise without moving it from its storage place.
For the stock market and quite recently, this term refers to an option. For example, the right to buy a particular security at a pre-defined price and for a limited period. The diversion of the original definition can probably come from the Anglo-Saxon meaning which has taken precedence over the French definition.
On the back of the mantle of certain titles, an extract of the statutes informs us of the purpose, the origin, the contributions, the summary of the issues of securities...
The shares and bonds are usually accompanied by a sheet of coupons intended to cash dividends from companies or loan interest. As these are fixed conventionally, the coupons of obligations mention, besides the number, the date of collection and the amount to be touched. Coupons for shares or units could also be detached to serve as subscription rights, allocation and liquidation.
The coupon sheet often has a "heel" which is a different coupon and often a little larger. It is normally used to assign a new coupon sheet when it is exhausted.
Titles are often stamped with important or even unsightly stamps. They have normally been applied in the case of an amendment to the statutes or to the very definition of the title. A "preferred share" may become, for example "ordinary share".
Before the war, the titles were officially sealed to attest to a tax receipt. These stamps may specify the countries in which the titles circulated..