[c1b]

I somewhat follow, but it seems shares have privileges that cannot be synthesized in the same way that dividends and value can. For example, if the firm votes for a new CEO, these shares should have voting power, but B cannot fulfill this obligation to A, so how can these shares be resold to multiple buyers?

[umanwizard]

When A loans out her shares, she accepts the loss of voting rights as part of the deal. If she cares more about voting her shares than about the income from lending, she will simply direct her broker not to loan out her shares.

In the “A loans to B who sells to C” scenario, C is the one who gets to vote.