Scrip in United Kingdom

Meaning of Scrip

The following is an old definition of Scrip [1]: A certificate or schedule. Evidence of the right to obtain shares in a public company: a scrip certificate, in distinction from the real title. Scrip certificate. Entitles the holder to apply for shares in a public company. Insurance scrip. Shows that the holder will be entitled to a share in the profits of the company which issued the scrip whea they have been realized and declared. Scrip issued in England by the agent ot a government, the holder, on payment of all installments, to receive the definitive bonds, and which, by the usage of dealers in public securities, is transferred by mere delivery, passes by such a delivery to a bona fide holder for value without title; that is, such script is itself a negotiable instrument. State scrip, declaring on its face that it is receivable for ” taxes and dues,” gives the holder no right to have it received for tases unless he owes the taxes. See Dividend, 3.

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Notes and References

1. Concept of Scrip provided by the Anderson Dictionary of Law (1889) (Dictionary of Law consisting of Judicial Definitions and Explanations of Words, Phrases and Maxims and an Exposition of the Principles of Law: Comprising a Dictionary and Compendium of American and English Jurisprudence; William C. Anderson; T. H. Flood and Company, Law Publishers, Chicago, United States)