351.300. Fractional shares, how issued.
Fractional shares, how issued.
351.300. A corporation may issue fractions of a share and it mayissue a certificate for a fractional share, or, by action of its board ofdirectors, may in lieu thereof pay cash equal to the value of suchfractional share, or issue scrip or other evidence of ownership which shallentitle the holder to receive a certificate for a full share upon thesurrender of such scrip or other evidence of ownership aggregating a fullshare. A certificate for a fractional share shall (but scrip or otherevidence of ownership shall not, unless otherwise provided by resolution ofthe board of directors) entitle the holder to all of the rights of ashareholder, including without limitation the right to exercise any votingright, or to receive dividends thereon or to participate in any of theassets of the corporation in the event of liquidation. The board ofdirectors may cause such scrip or evidence of ownership (other than acertificate for a fractional share) to be issued subject to the conditionthat it shall become void if not exchanged for share certificates before aspecified date, or subject to the condition that the shares for which suchscrip or evidence of ownership is exchangeable may be sold by thecorporation and the proceeds thereof distributed to the holders of suchscrip or evidence of ownership, or subject to any other conditions whichthe board of directors may deem advisable.
(L. 1943 p. 410 § 23, A.L. 1975 S.B. 14, A.L. 2000 S.B. 896)