N.Y. BNK Law § 5008

§ 5008. Fractions of a share or scrip authorized. 1. a. A corporation\nmay, but shall not be obliged to, issue fractions of a share either\nrepresented by a certificate or uncertificated, which may entitle the\nholder, in proportion to his or her fractional holdings, to exercise\nvoting rights, receive dividends and participate in liquidating\ndistributions.\n b. As an alternative, a corporation may pay in cash the fair value of\nfractions of a share as of the time when those entitled to receive such\nfractions are determined.\n 2. As an alternative, a corporation may issue scrip in registered or\nbearer form over the manual or facsimile signature of an officer of the\ncorporation or of its agent, exchangeable as therein provided for full\nshares, but such scrip shall not entitle the holder to any rights of a\nstockholder except as therein provided. Such scrip may be issued subject\nto the condition that it shall become void if not exchanged for\ncertificates representing full shares or uncertificated full shares\nbefore a specified date, or subject to the condition that the shares for\nwhich such scrip is exchangeable may be sold by the corporation and the\nproceeds thereof distributed to the holders of such scrip, or subject to\nany other conditions which the board may determine.\n 3. Subject to subdivision six of section one hundred three and\nsubdivision three of section five hundred nine of this chapter, a\ncorporation may provide reasonable opportunity for persons entitled to\nfractions of a share or scrip to sell such fractions of a share or scrip\nor to purchase such additional fractions of a share or scrip as may be\nneeded to acquire a full share.\n