Section 47-1A-604.3 - Issuance of script--Authorization by board of directors--Conditions.
47-1A-604.3. Issuance of script--Authorization by board of directors--Conditions. The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including:
(1) That the scrip will become void if not exchanged for full shares before a specified date; and
(2) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.
Source: SL 2005, ch 239, § 63.