Borland's Trustee v Steel Bros. & Co. (1901)

Company Law · Remedies of Debenture-holders

Facts.

A dispute arose over articles compelling a bankrupt member to sell his shares at a fixed price; the nature of a “share” was in question.

Issue.

What, in law, is a share?

Held.

A share is not a sum of money but an interest measured by a sum of money, made up of a bundle of rights and obligations contained in the contract of the articles.

Why it matters.

The classic definition of a share as property — a bundle of rights, transferable, but not a claim on any specific company asset.

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