A share certificate that – does not contain the name of the member, so that title is transferable by delivery. It is not a negotiable instrument. Warrants can only be issued when shares are fully paid. The member’s name is struck off the register when the warrant is issued. The articles of association usually allow the warrant holder to vote at meetings on presentation of the warrant, coupons are usually attached.
Reference: The Penguin Business Dictionary, 3rd edt.