[salicideblock]

That problem is completely avoided in Belgian law, via the following rule:

When you sell your fraction, you get the corresponding share of the reserves. When you buy a fraction, you must contribute the corresponding share of the reserves.

[toast0]

If the buyer brings $X for the reserve, and the reserve gives $X to the seller, the reserve stays the same, and it's as if the buyer gave $X to the seller... Wouldn't that be tend to be reflected in the sales prices? A buyer may only be able to afford $Y, so the sales price would tend towards $Y - $X.