Shareholders are members

Debentureholders are creditors

Ashareholder has an interest in the company

Adebentureholder has a claim against the company

Usually the shareholder can vote at the company's general meeting

No right to vote at the company's general meeting, but has the right to appoint a receiver

Receives a dividend if declared

Receives interest. Always entitled to his interest, can sue for arrears if not paid

Receives the surplus on a winding up after claims of creditors including debentureholders

Receives only the amount of debt owed; takes priority over shareholders in the event of winding up

Shares are capital and the introduction and withdrawal of capital is strictly controlled by the capital maintenance rules

None of the capital maintenance rules apply

Cannot be issued at a discount

May be issued at a discount

Shareholders' dividends are appropriations of profit

Debentureholders' interest is a charge

against profit