Difference between share warrant and share certificate

Share warrant and share certificate are distinguished on the basis of the following points:

1. A share warrant can be issued only when the shares are fully paid up whereas a share certificate can be issued at any stage without the shares being fully paid up.

2. A share warrant is a negotiable instrument but a share certificate is not.

3. A share certificate is a document showing prima facie title to the shares represented thereby but a share warrant is the share security itself capable of easy transfer.

4. A holder of a share certificate is a member of the company but the holder of a share warrant is not, unless the articles otherwise provide.

5. A share certificate can be issued both by a public and a private company but a share warrant is issued only by a public company.