(1) A corporation may do any of the following: (a) Issue fractions of a share or pay in money the value of fractions of a share. (b) Arrange for disposition of fractional shares by the shareholders. (c) Issue scrip in registered or bearer form entitling the holder to receive a full share on the surrender of enough scrip to equal a full share. (2) A certificate representing scrip shall be conspicuously labeled “scrip” and shall contain the terms of exchange of scrip for a full share and the information required by s. 180.0625 (1), except that it may state that it is issued to bearer. (3) The holder of a fractional share may 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 the rights described in this subsection unless the scrip provides for them. (4) The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including but not limited to any of the following: (a) That the scrip will become void if not exchanged for full shares before a specified date. (b) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.
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