Oklahoma Code § 18-1036

§ 18-1036.

Fractions of Shares.

Oklahoma Statutes - Title 18. Corporations

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.

Added by Laws 1986, c. 292, § 36, eff. Nov. 1, 1986.