[§414-74]  Fractional shares.  (a)  A
corporation may:



(1)  Issue fractions of a share or pay in money the
value of fractions of a share;



(2)  Arrange for disposition of fractional shares by
the shareholders; or



(3)  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 must
be conspicuously labeled "scrip" and must contain the information
required by section 414-86(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:



(1)  That the scrip will become void if not exchanged
for full shares before a specified date; and



(2)  That the shares for which the scrip is
exchangeable may be sold and the proceeds paid to the scripholders. [L 2000, c
244, pt of §1]