Of a state (or other) loan: Issued not in the form of bonds passing from hand to hand, but as shares of which the names of the holders are registered…

That does not entitle its holder to a vote; (esp. in Business) designating a share in a company that carries no right to vote at its general meetings.

Of a mutual fund (unit trust): that sells shares without making a sales charge. Of shares: sold at net asset value.

Finance and Stock Market. Of a currency or share: relatively low in value or price.