Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 355. Issuance of Fractional Shares or Scrip.
previous: Section 353
. Full Payment Required For Share.
next: Section 356
. Shares Held By Nominees.
AS 10.06.355. Issuance of Fractional Shares or Scrip.
- (a) A corporation may issue a fractional share, and, by action of its board, may issue, instead of a fractional
certificate, scrip in registered or bearer form that entitles the holder to receive a full share upon the surrender of
the scrip aggregating a full share.
- (b) A fractional share entitles the holder to exercise voting rights, to receive dividends, and to participate in the
assets of the corporation in the event of liquidation. Unless otherwise provided in the scrip, scrip does not entitle
the holder to exercise voting rights, to receive dividends, or to participate in the assets of the corporation in the
event of liquidation.
- (c) The board may issue scrip subject to the condition that it is void if not exchanged for full shares before a specified
date, or subject to the condition that the shares for which the scrip is exchangeable may be sold by the corporation
and the proceeds distributed to the holders of that scrip, or subject to other conditions that the board considers
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.