A company limited by shares, if so authorised by its articles, may, with respect to any fully paid-up shares, issue under its common seal a warrant stating that the bearer of the warrant is entitled to the shares specified in it, and may provide (by coupons or otherwise) for the payment of the future dividends on the shares included in the warrant

Such a warrant is termed a " share warrant" and entitles the bearer to the shares specified in it; and the shares may be transferred by delivery of the warrant.