... liability and of interest if necessary, consisting of a various covenants entered into by all the shareholders4. As a general rule a share is not a sum of money, contrary is just an interest which is measured by a sum of money. Thus, this theory seems to be that the statutory contract5, constituted by the articles of association, defines the nature of the rights which are not purely personal rights but as an alternative confer some kind of proprietary interest in the company though not in its property6. Furthermore, there is a presumption by the law that all shares confer the same rights and impose the same liabilities. Nevertheless, a registered company may divide its share capital into different classes, although this would be relatively unusual for a private company. The power to create shares with varying rights is normally contained in the articles of association7, or in certain circumstances in ...

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