Which of the following is NOT a type of ordinary share?

Cumulative shares are not a type of ordinary share; instead, they are a classification of preference shares. Cumulative shares have a feature that requires any unpaid dividends from previous periods to be paid out to shareholders before any dividends can be paid to ordinary shareholders. This preferential treatment is a key characteristic of preference shares.

Ordinary shares typically represent ownership in a company and come with voting rights, as well as the potential for dividends, but they do not have the guarantees that cumulative, redeemable, participating, or golden shares may possess. Each of the other options presented—redeemable, participating, and golden shares—can all be considered forms of ordinary shares with specific rights or provisions attached. For example, redeemable shares can be bought back by the company, participating shares have the potential for additional dividends, and golden shares give certain special rights to shareholders, particularly in the context of corporate governance. These distinctions illustrate that cumulative shares do not fit within the ordinary share category, confirming their status as preference shares.