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Ordinary shares are shares other than preference shares; they do not pay out a set, predetermined dividend. Ordinary shareholders have the last claim on the assets and income of a company after other creditors and holders of senior debt have been paid. They appoint and approve the company directors and usually have one vote for each share they hold. Ordinary shares are the most widely traded of all securities because of continuing market liquidity and the ease of transfer of ownership from one investor to another. They are known as common stock in the United States.