Sec. 6. (a) A corporation may do any of the following: (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. (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 IC 28-13-2-6 (b). (c) The holder of a fractional share is entitled to exercise the rights of a shareholder, including the right to do the following: (1) Vote. (2) Receive dividends. (3) 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 the rights. (d) The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including the following: (1) That the scrip will become void if not exchanged for full shares before a specified date. (2) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders. IC 28-13-2 Chapter 2. Issuance of Shares 28-13-2-1 Subscription for shares; terms; call for payment; nonassessable shares; default in payment 28-13-2-2 Subscription agreement; powers of directors; consideration; escrowed or restricted shares for future services or benefits 28-13-2-3 Shareholder liability for corporate acts or indebtedness 28-13-2-4 Pro rata shares; share dividend or split; record date of dividend 28-13-2-5 Purchase rights, options, or warrants; corporate shares or other securities 28-13-2-6 Share certificates; contents; requisites; validity of signature 28-13-2-7 Classes or series of shares without certificates; furnishing shareholder information 28-13-2-8 Shares subject to registration or transfer restrictions; previously issued shares; enforcement of restrictions against holder or transferee 28-13-2-9 Expenses payable from consideration received for shares
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