The distinction between shares and stock may be summarized as follows:
(i)    Shares are in units of share capital and have affixed nominal value whereas stock is divisible not smaller portions each having nominal value as desired. (ii) Shares can be issued directly; stock cannot be issued directly. (iii) Shares may or may not be fully paid but stock must be fully paid. (iv) Shares should be numbered whereas stock is not numbered. (v) Shares cannot be transferred in fractional amounts but stock can be transferred in fractional amounts although the articles may provide the minimum fractional amount of stock which can be transferred. (vi) Formalities of voting and transfer of shares and stock are also different. (vii) As noted above, share may be subsequently converted into stock when fully paid up. But the share capital of the company cannot be offered directly in the form of stock.

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