Maine § 13-C §604 Fractional shares

Maine Statutes

§ 13-C §604 — Fractional shares

Maine § 13-C §604

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 6SHARES AND DISTRIBUTIONS

This text of Maine § 13-C §604 (Fractional shares) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13-C, § 13-C §604 (2026).

Text

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: