Maine § 13-C §604 Fractional shares

Maine Statutes

§ 13-C §604 — Fractional shares

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 6 SHARES AND DISTRIBUTIONS

1.Authorization. A corporation may:

2.Scrip. Each certificate representing scrip must be conspicuously labeled "scrip" and must contain the information required by section 626, subsection 2.

3.Rights. The holder of a fractional share is entitled to exercise the rights of a shareholder, including the right to vote, to receive dividends and to participate in the assets of the corporation upon liquidation. The holder of scrip is not entitled to any of these rights unless the scrip provides for them.

4.Conditions. The board of directors may authorize the issuance of scrip subject to any condition it considers desirable, including:

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1.
Authorization.
A corporation may:
2.
Scrip.
Each certificate representing scrip must be conspicuously labeled "scrip" and must contain the information required by section 626, subsection 2.
3.
Rights.
The holder of a fractional share is entitled to exercise the rights of a shareholder, including the right to vote, to receive dividends and to participate in the assets of the corporation upon liquidation. The holder of scrip is not entitled to any of these rights unless the scrip provides for them.
4.
Conditions.
The board of directors may authorize the issuance of scrip subject to any condition it considers desirable, including:

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