{"data":{"id":"us-ky/krs-271b.6-040","jurisdiction":"us-ky","citation":"KRS 271B.6-040","heading":"Fractional shares.","body":"(1) A corporation may:\n(a) Issue fractions of a share or pay in money the value of fractions of a share;\n(b) Arrange for disposition of fractional shares by the shareholders; and\n(c) Issue scrip in registered or bearer form entitling the holder to receive a full\nshare upon surrendering enough scrip to equal a full share.\n(2) Each certificate representing scrip shall be conspicuously labeled \"scrip\" and shall\ncontain the information required by subsection (2) of KRS 271B.6-250.\n(3) The holder of a fractional share shall be entitled to  exercise the rights of a\nshareholder, including the right to vote, to receive dividends, and to participate in\nthe assets of the corporation upon liquidation. The holder of scrip shall not be\nentitled to any of these rights unless the scrip provides for them.\n(4) The board of directors may authorize the issuance of scrip subject to any condition\nconsidered desirable, including:\n(a) That the scrip will become void if not exchanged for full shares before a\nspecified date; and\n(b) That the shares for which th e scrip is exchangeable may be sold and the\nproceeds paid to the scripholders.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13339","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:18Z","sha256":"703e5e5777cd4e5466b85aca14ab669fa8eb12529c5b252c87548afd3f92d942","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.6-030","next":"us-ky/krs-271b.6-200"},"notice":"GroundRules: Original legal text. Not legal advice."}