Abstract
Firstly, the article deals with a definition of shares called by a foreign doctrine as false no par value shares. Although the false no par value shares are shares issued without the specification of par value, the ammount of registered capital and number of issued no par value shares are included in the articles of association or in the public register.
In the light of this fact the par value of a share is easily recognizable. Consequently, the paper discusses the legal regulation of no par value shares in the German, French and Swiss legal system, whereas the final part of the article summarizes the legal regulation of no par share values in Czech law.