Mainly applies to international equities Security not registered on the books of the issuing corporation and thus payable to whoever possesses the shares Negotiable without endorsement and transferred by delivery, thus avoiding some of the administrative hassles associated with ordinary shares Dividends are payable upon presentation of dividend coupons, which are dated or numbered
a share made out to whoever possesses it, without the owner's name being written on it
A share whose rights can be exercised by the owner The company does not know the identity of such shareholders