wg. informacji ze strony warszawskiej giełdy akcje niezdematerializowane, to akcje w fomrie papierowej, więc *Bearer shares* mi pasuje

"Bardzo istotnym podziałem z punktu widzenia obrotu giełdowego jest podział na akcje w postaci fizycznej oraz akcje zdematerializowane. Przedmiotem obrotu na giełdzie mogą być tylko akcje nie mające postaci materialnej, a więc istniejące w formie zapisu komputerowego."

Na poparcie tej wersji tłumaczenia:
"Belgian Company Laws recognise three forms of shares, i.e., registered shares, bearer shares and dematerialised shares. The possibility to issue dematerialised shares has recently been authorised by Company Laws. It is anticipated that dematerialised shares will be issued by many large companies in the coming months or years. Transfers of dematerialised shares occur through changes in the accounts of the shareholders by crediting and debiting their respective accounts.
Bearer shares are represented by printed certificates issued by the company at hand. Bearer shares can only be issued provided that the shares have been fully paid in. Transfers of bearer shares are effected through the physical delivery of the shares by the transferor to the transferee. The certificates must be handed over to the new owner. The possession of the certificates evidences the ownership of the shares."

Znalazłem jeszcze *NON-DEMATERIALIZED SHARES* lecz jest mało wyświetleń w googlu