§ 17-16-604 — Fractional shares

Wyoming § 17-16-604

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 16: WYOMING BUSINESS CORPORATION ACT
• Art. 6: SHARES AND DISTRIBUTIONS

Text

(a) A corporation may:
(i) Issue fractions of a share or pay in money the
value of fractions of a share;
(ii) Arrange for disposition of fractional shares by
the shareholders; or
(iii) Issue scrip in registered or bearer form
entitling the holder to receive a full share upon surrendering
enough scrip to equal a full share.
(b) Each certificate representing scrip shall be
conspicuously labeled "scrip" and shall contain the information
required by W.S. 17-16-625(b).
(c) 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.
(d) The board of directors may authorize the issuance of
scrip subject to any condition considered desirable, including:
(i) That the scrip will become void if not exchanged
for full shares before a specified date; and
(ii) That the shares for which the scrip is
exchangeable may be sold and the proceeds paid to the
scripholders.