Okla. Stat. tit. 18, § 18-1036
This is the official text of Okla. Stat. tit. 18, § 18-1036, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Fractions of Shares
Official statutory text
Oklahoma Statutes - Title 18. Corporations Page 353
FRACTIONS OF SHARES
A corporation may, but shall not be required to, issue fractions
of a share. If it does not issue fractions of a share, it shall:
1. arrange for the disposition of fractional interests by those
entitled thereto; or
2. pay in cash the fair value of fractions of a share as of the
time when those entitled to receive such fractions are determined;
or
3. issue scrip or warrants in registered form (either
represented by a certificate or be uncertificated) or in bearer form
(represented by a certificate) which shall entitle the holder to
receive a certificate for a full share upon the surrender of such
scrip or warrants aggregating a full share.
A certificate for a fractional share or an uncertificated fractional
share shall, but scrip or warrants shall not unless otherwise
provided therein, entitle the holder to exercise voting rights, to
receive dividends thereon, and to participate in any of the assets
of the corporation in the event of liquidation. The board of
directors may cause scrip or warrants to be issued subject to the
conditions that they shall become void if not exchanged for
certificates representing the full shares or uncertificated full
shares before a specified date, or subject to the conditions that
the shares for which scrip or warrants are exchangeable may be sold
by the corporation and the proceeds thereof distributed to the
holders of scrip or warrants, or subject to any other conditions
which the board of directors may impose.
FRACTIONS OF SHARES
A corporation may, but shall not be required to, issue fractions
of a share. If it does not issue fractions of a share, it shall:
1. arrange for the disposition of fractional interests by those
entitled thereto; or
2. pay in cash the fair value of fractions of a share as of the
time when those entitled to receive such fractions are determined;
or
3. issue scrip or warrants in registered form (either
represented by a certificate or be uncertificated) or in bearer form
(represented by a certificate) which shall entitle the holder to
receive a certificate for a full share upon the surrender of such
scrip or warrants aggregating a full share.
A certificate for a fractional share or an uncertificated fractional
share shall, but scrip or warrants shall not unless otherwise
provided therein, entitle the holder to exercise voting rights, to
receive dividends thereon, and to participate in any of the assets
of the corporation in the event of liquidation. The board of
directors may cause scrip or warrants to be issued subject to the
conditions that they shall become void if not exchanged for
certificates representing the full shares or uncertificated full
shares before a specified date, or subject to the conditions that
the shares for which scrip or warrants are exchangeable may be sold
by the corporation and the proceeds thereof distributed to the
holders of scrip or warrants, or subject to any other conditions
which the board of directors may impose.
Status: in_force · Read it on the official government site
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